The Baltic Exchange’s dry bulk sea freight index firmed on Friday near its highest in more than four weeks and posted a weekly gain, buoyed by strong demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, inched 1 point higher at 1,386, its highest since Nov. 10.

The main index has gained 4.68% for the week.

The capesize index (.BACI) was up 8 points, or about 0.5%, at 1,683. It has posted a weekly gain of 10.8%.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $69 to $13,957.

Iron ore futures rose on Friday and posted weekly gains, as top steelmaker China’s easing of COVID-19 restrictions lifted hopes of a revival in demand.

The panamax index (.BPNI) lost 2 points at 1,659. The index has risen 2.5% during the week, its second straight weekly gain.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $23 to $14,927.

The supramax index (.BSIS) shed 1 point at 1,152.

Source: Reuters