The Baltic Exchange Dry Bulk Shipping Index continued its gains on Friday, rising for the second week in a row, driven by growth in the Cape of Good Hope ship market. The freight index for composite cape-type ships, Panama-type ships and ultra-portable ships rose 19 points to 2,110 points, reaching the highest level in nearly three months. The index rose more than 5% this week, making it the best weekly performance since September 2. The cape-type shipping price index rose 109 points to 3,689 points, the highest level since the beginning of July. Cape-type ships typically transport 150,000 tons of cargo, such as iron ore and coal, and their average daily earnings increased by $908 to $30,598. The Panamanian shipping price index fell 52 points to 1,446 points, or 3.5%. Panama-type ships usually carry 60,000-70,000 tons of coal or grain cargo, and their average daily earnings fell by $471 to $13,013. Iron ore futures prices rose for the fourth consecutive trading day, and are expected to increase by more than 10% weekly, mainly due to another rate cut in China and the expected introduction of more fiscal and real estate stimulus measures. Among small ships, the ultra-convenient freight rate index fell 8 points to 1,306 points.

The Baltic Exchange Dry Bulk Shipping Index continued its gains on Friday, rising for the second week in a row, driven by growth in the Cape of Good Hope ship market. The freight index for composite cape-type ships, Panama-type ships and ultra-portable ships rose 19 points to 2,110 points, reaching the highest level in nearly three months. The index rose more than 5% this week, making it the best weekly performance since September 2. The cape-type shipping price index rose 109 points to 3,689 points, the highest level since the beginning of July. Cape-type ships typically transport 150,000 tons of cargo, such as iron ore and coal, and their average daily earnings increased by $908 to $30,598. The Panamanian shipping price index fell 52 points to 1,446 points, or 3.5%. Panama-type ships usually carry 60,000-70,000 tons of coal or grain cargo, and their average daily earnings fell by $471 to $13,013. Iron ore futures prices rose for the fourth consecutive trading day, and are expected to increase by more than 10% weekly, mainly due to another rate cut in China and the expected introduction of more fiscal and real estate stimulus measures. Among small ships, the ultra-convenient freight rate index fell 8 points to 1,306 points.