The Baltic Exchange’s main sea freight index snapped its seven-week long losing streak and posted its second-biggest weekly jump ever on Friday, as rates for all vessel segments rebounded.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 67 points, or about 8.2%, at 883, an over one-month high.
The main index rose about 64% for the week, the biggest gain since mid-June 2020.
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The capesize index gained 63 points, or about 11%, to 636. It was up about 135% for the week, also the biggest jump since the week ended June 19, 2020.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $517 to $5,271.
The panamax index was up 102 points, or about 8.7%, at 1,271, a seven-week high. The index saw its first weekly gain in eight sessions, up nearly 57% — the most since the week ended June 6, 2009.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $919 at $11,439.
Among smaller vessels, the supramax index rose 56 points to 996. It was up about 43% for the week, posting its biggest weekly rise on record.