Baltic index firms on rising supramax rates

SUPRAMAX-DRY-BULK-GEARED-VESSEL

The Baltic Exchange’s main sea freight index gained on Monday as surging supramax rates countered weakness in the larger vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities,edged 11 points, or 0.6% higher, to 1,709.

The capesize index dipped 42 points, or 2.4%, to1,673.

Average daily earnings for capesizes, which typicallytransport150,000-tonne cargoes such as iron ore and coal, fell $351 to$13,873.

Coking coal and coke futures on the Dalian Commodity Exchange plunged on Monday, as some mills attempt to lower purchase prices of the steel making ingredients due to tight steel profit margins in China.

The panamax index slipped 11 points, or 0.5%, to2,321.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down by $99 at $20,892.

The supramax index rose 85 points to 1,598, its highest level as per Refinitiv Eikon records going back to April 2017.

The index was up for the 12th straight session.

Source: Reuters

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