Freightos Baltic Index Rises to 5097, Up 91 Points; SFL Shares Drop 13% After $12.50 Offering

The Freightos Baltic Index (FBX) has shown a positive trend, increasing to 5097 with a gain of 32 points, marking a total rise of 91 points for the week. In contrast, the Tanker Index has faced a decline, with the Baltic Capesize Index (BCTI) at 816, down 1 point, and the Baltic Dirty Tanker Index (BDTI) at 1044, down 11 points. Equity movements in the shipping sector have been mixed, with ZIM rising by 4% and SFL Corporation Ltd. experiencing a significant drop of 13% following its announcement of an equity raise of 8 million shares priced at $12.50 each. The overall market sentiment appears weak, with the S&P 500 index down 1.4%. In mid-day trading, SFL was reported to have fallen nearly 17% at one point, while tankers were down 2-4%. Despite these declines, some sectors, such as LPG, saw gains of 2% following positive business updates.