Baltic index gains on firmer capesize, panamax rates

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The Baltic Exchange’s main sea freight index rose on Tuesday to its highest level since early-October, driven by stronger rates for capesize and panamax vessels.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 34 points, or 1.8%, to 2,017.

The capesize index gained 27 points, or 1.3%, to 2,083.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $220 to $17,274.

Benchmark iron ore futures in China gained as much as 5.2% on Tuesday, clawing back losses as the market tried to narrow the spread between spot and futures prices, while Tangshan lifting a smog alert also fuelled sentiment.

The panamax index was up 100 points, or 4.4%, at 2,372, its highest since Feb. 18.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $897 at $21,349.

The supramax index fell 4 points to 2,079, breaking a nine-session gaining streak.

Source: Reuters

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