The Baltic Exchange's dry bulk freight index rose 2.5% to 3,186 on Friday, extending its winning streak to seven consecutive sessions and reaching its highest level since June 2.

The index measures freight rates for vessels carrying dry bulk commodities across the Capesize, Panamax and Supramax segments. It is widely watched as a real-time gauge of global demand for seaborne raw materials, since freight rates tend to move with the volume of iron ore, coal and grain being shipped. Friday's gains were broad-based, led by the larger vessel categories.

The Capesize index, which typically tracks ships transporting 150,000-ton cargoes such as iron ore and coal, advanced for a seventh straight day, climbing 3.9% to 5,336 points, its highest level since June 2. Capesize rates are particularly sensitive to iron ore trading volumes on routes linking producers such as Australia and Brazil with steelmakers, notably in China, the world's largest iron ore importer.

The Panamax index, which follows vessels carrying around 60,000 to 70,000 tons of coal or grain, gained for the sixth session in a row, rising 1% to 2,315 points, also a peak since June 2. The Supramax index, meanwhile, edged up 0.1% to 1,647 points.

For the week as a whole, the benchmark index rose 12.1%, its strongest weekly stretch of gains in the current run and a signal that charterers have been willing to pay more for tonnage across vessel sizes.

Source: Trading Economics, via Hellenic Shipping News (https://www.hellenicshippingnews.com/baltic-dry-index-extends-rally-into-7th-day/)