Baltic index posts weekly gain on firm capesize demand

The Baltic Exchange's dry bulk sea freight index BBDI firmed on Friday near its highest in more than four weeks and posted a weekly gain, buoyed by strong demand for capesize vessels.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, inched 1 point higher at 1,386, its highest since Nov. 10.

* The main index has gained 4.68% for the week.

* The capesize index (.BACI) was up 8 points, or about 0.5%, at 1,683. It has posted a weekly gain of 10.8%.

* Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $69 to $13,957.

* Iron ore futures rose on Friday and posted weekly gains, as top steelmaker China's easing of COVID-19 restrictions lifted hopes of a revival in demand.

* The panamax index (.BPNI) lost 2 points at 1,659. The index has risen 2.5% during the week, its second straight weekly gain.

* Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $23 to $14,927.

* The supramax index (.BSIS) shed 1 point at 1,152.