The Baltic Exchange's dry bulk sea freight index, a key indicator that monitors the rates for vessels carrying dry commodities, experienced a significant surge for the second consecutive day on Friday. The index rose by an impressive 13.5%, reaching its highest level since June 25, and settled at 1,663 points, driven by increases across all vessel categories.
The capesize index, which is primarily responsible for transporting 150,000-ton cargoes such as iron ore and coal, also recorded gains from the previous session. It climbed 26.4% to 2,104 points, marking its largest daily increase since March 1, 2023. Meanwhile, the panamax index, associated with vessels that typically transport 60,000-70,000 tons of coal or grain, jumped 8% to hit its highest point since June 20 of the previous year, at 1,860 points. Similarly, the supramax index saw a rise of approximately 3.1%, reaching 1,219 points. Over the course of the week, the benchmark index increased by 2%, achieving its first weekly gain in four weeks.
