The Baltic Exchange’s main sea freight index rose on Friday as prices rose in the ship segments.
The overall index, which includes rates for Capesize, Panamax and Supramax vessels, rose 28 points, or 1.3%, to 2,146 points. It was down 0.2% on the week.
The Capesize index broke a three-day dry spell, rising 43 points, or 1.6%, to 2,696 points.
However, the index had its worst week since the end of June, falling 7.6%.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargo such as iron ore and coal, rose $363 to $22,362.
The war in Ukraine led to a 30 percent increase in the amount of coal shipped through Rotterdam, Europe’s largest port, in the first half of 2022, official data showed, with Russia’s share falling to a fraction in June.
Meanwhile, iron ore futures rose as the Dalian benchmark contract rebounded from a seven-month low as falling steel stocks in China raised hopes of some restocking-driven demand.
The Panamax index rose 42 points, or 2.1%, to a 10-day high of 2,093 points.
The index also posted its highest weekly gain of 11% in nearly four months.
Average daily earnings for panaxes, which typically haul coal or grain loads of about 60,000 to 70,000 tons, rose $383 to $18,838.
Russia and Ukraine will sign an agreement to reopen Ukraine’s Black Sea ports for grain exports, Turkey and the United Nations said, raising hopes an international food crisis exacerbated by the Russian invasion can be alleviated.
The Supramax index rose 7 points to 2,080 points, posting its first weekly 2% gain since May 20.
Source: Reuters (reported by Deep Vakil in Bengaluru; edited by Shailesh Kuber)