The Baltic Exchange’s dry bulk sea freight index registered its biggest daily percentage gain since September on Friday, boosted by a jump in capesize vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 79 points, or 6.1%, to 1,381.

However, the index is down 2% for the week, its fourth consecutive weekly decline.

The capesize index climbed 257 points, or 31.4%, to 1,075, its highest level in more than a week.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $2,138 to $8,918.

Dalian iron ore soared over 7% on Friday and was on course to post its biggest weekly gain since mid-December, buoyed by a combination of hopes China’s stepped-up monetary easing would stimulate demand and fears over tight supply prospects.

The panamax index eased 6 points to 1,840, its lowest since April.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, fell by $58 to $16,557.

The supramax index slipped 16 points to its lowest level since February 2021 at 1,597.

Source: Reuters