The Baltic Exchange’s main sea freight index climbed up for a third session on Friday, ending the week higher on stronger capesize vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, jumped 72 points, or 5%, to 1,504.

The main index was up 4.8% for the week.

The capesize index climbed 184 points, or 10.4%, to 1,962, and gained 6.1% this week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,524 to $16,270.

The panamax index rose 15 points, or 1%, to 1,692. The index, however, lost 0.6% this week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $131 to $15,225.

Among smaller vessels, the supramax index rose 22 points to 1,201.

Meanwhile, Dalian and Singapore iron ore futures fell for a third straight session to near four-month lows, as subdued buying interest from steel mills and a pick-up in port inventories undermined investor sentiment.

Source: Reuters