Baltic index hits over 1-month high on stronger panamax, supramax rates

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The Baltic Exchange’s main sea freight index touched its highest level since mid-January on Thursday, driven by higher panamax and supramax vessel rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was up 16 points, or 0.9%, to 1,779, its highest level since Jan. 22.

The capesize index, edged down 4 points, or 0.2%, to 1,673.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $36 to $13,874.

Stainless steel futures in China dropped 6% on Thursday to hit their daily trading limit, as a slide in nickel rates weighed on prices, while benchmark iron ore futures on the Dalian Commodity Exchange rose 2.0% to 1,175 yuan a tonne.

The panamax index rose by 51 points, or 2.4%, to 2,212, its highest since Feb. 24.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, added $454 to $19,904.

The supramax index gained 11 points to 1,900, its highest level, as per Refinitiv Eikon records going back to April 2017.

Source: Reuters

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