Baltic Dry Index Extends Gains, Books Monthly Gain
The Baltic Exchange's dry bulk sea freight index, which monitors the cost associated with shipping dry goods, experienced an upswing for the third consecutive day on Friday, rising approximately 4.8% to reach a four-week peak of 1,418 points. This increase was primarily fueled by performance in the larger vessel category. The capesize index, concerning vessels that typically transport cargoes of 150,000 tons like iron ore and coal, continued its upward trajectory for the third session, surging by 10.6% to its highest level since April 3, settling at 2,277 points. In contrast, the panamax index, which generally handles coal or grain loads between 60,000 and 70,000 tons, declined for the seventh consecutive session, dropping around 1.6% to reach a low not seen in over two months, at 1,319 points. Similarly, the supramax index decreased by five points, approaching a four-week low at 951 points. For the week, the benchmark index marked a substantial advance, achieving a 5.8% increase alongside a 2.3% weekly improvement.
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