Baltic index at over 1-year high on demand for larger vessels

handysize

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to its highest in more than a year on Monday as demand for larger capesize and panamax vessels grinds higher.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 51 points, or 2.5%, at 2,071 points, the highest since late September 2019.

The capesize index gained 148 points, or 3.7%, to 4,135 points, scaling to its highest since July 3.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,227 at $34,293.

The capesize index has been gaining recently on higher iron ore demand from China, after the world’s top steel-making country opened up following months of lockdown.

The panamax index was up 10 points, or 0.7%, at 1,383 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $88 to $12,443.

Among smaller vessels, the supramax index fell 3 points to 988 points, while the handysize index fell 1 point to 592 points.

Source: Reuters

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