Baltic Index At 1-Month High On Higher Panamax, Supramax Rates

SUPRAMAX-DRY-BULK-GEARED-VESSEL

The Baltic Exchange’s main sea freight index rose to a one-month high on Thursday, helped by strong demand for panamax and supramax vessels, while the larger capesize segment dropped to a record low.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 12 points, or 2.3%, to 529, its highest since Jan. 28.

The panamax index gained 27 points, or 3.1%, to 886, registering its 16th straight session of gains

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased by $239 to $7,972

The supramax index rose 13 points to 590

The capesize index slipped 10 points to -300, its lowest on record.

“There is very limited amount of good news around, but the period market has at least remained somewhat active,” ship broker Fearnleys said on Wednesday, referring to the capesize segment.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, rose by $9 to $2,367.

Source: Reuters

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