Capesize Demand Boosts Baltic Index to 1-year High

The Baltic Exchange’s dry bulk sea freight index

BADI climbed to a 1-year high on Friday as capesize rates firmed for a fifth consecutive week.

• The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 102 points, or 5.6%, to 1,929.
• The main index rose 13.4% for the week to log its fifth consecutive weekly rise.
• The capesize index .BACI , added 327 points, or about 11%, to 3,309, scaling to late May 2022 peaks.
• The index has advanced by about 34% this week to clock its best weekly performance in over three-and-a-half months.
• Average daily earnings for capesize vessels .BATCA , which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $2,718 to $27,445.
• Benchmark iron ore futures, listed on the Dalian Commodity Exchange and the Shanghai Futures Exchange, will resume trading on Monday.
• The panamax index .BPNI slipped 20 points, or 1.3%, to 1,572. It snapped its 5-week gaining streak, down about 8%.
• Average daily earnings for panamax vessels .BPWT , which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $178 to $14,151.
• Among smaller vessels, the supramax index .BSIS slipped 3 points to 1,233 points.