Index rose to 1,157 points
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry commodities, rose Friday as rates for both capesize and panamax vessels improved.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, was up 1.7 percent to 1,157 points. The index has risen 15.2 percent on week.
“We believe industry conditions could begin to improve potentially as early as 2H12 as Chinese policymakers introduce additional stimulative measures and new shipyard deliveries begin to slow materially,” analyst Douglas Mavrinac of Jefferies said in a research note.
The capesize index rose 38 points or 2.6 percent to 1,493 points. Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were up $335 at $7,904.
However, capesize rates have fallen about 71 percent this year.
The Baltic Exchange’s panamax index rose 3.4 percent to 1,129 points, with average daily earnings for panamaxes, which typically transport 60,000-70,000 tonne cargoes of coal or grains, up $313 at $9,002.Rates for supramax vessels were up $39 to $13,556, while those for handysizes were down $27 at $10,309.
The main index has lost about 33.4 percent this year.
Source: Reuters
