The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, was little changed on Friday but registered a third straight weekly gain on the back of strong gains in the capesize vessel segment.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, fell 1 point, or 0.04%, to 2,257 points.

The index lingered near its highest level since March 2024, which it touched in the previous session. It was up 10% for the week.

The capesize index gained 39 points, or 1%, to 3,829, its highest level in over a year. It gained about 24% for the week, marking its third consecutive weekly increase.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $327 to $31,756.

Iron ore futures locked in a fifth consecutive weekly gain, overcoming an early decline on Friday even as rising port inventories and weaker global steel production weighed on prices.

The panamax index slipped 44 points, or 2.3%, to 1,838, ending the week 4.2% lower after four consecutive weeks of gains.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $400 to $16,540.

Among smaller vessels, the supramax index shed 4 points, or 0.3%, to 1,294.
Source: Reuters