Baltic index inches up on higher panamax rates


The Baltic Exchange’s main sea freight index edged higher on Monday, as a rise in panamax vessel demand offset declines in both the capesize and supramax segments.

The Baltic index, which tracks rates for ships carrying dry bulk commodities, was up 3 points, or 0.17%, at 1,770, rising for a second straight session.

The panamax index rose 17 points, or 0.98%, to 1,748.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, climbed $139 to $14,007.

The capesize index dipped 18 points, or 0.6%, to 3,003, its lowest level since early July.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $14 to $23,689.

“We believe the dry bulk shipping market will remain firm in fourth quarter 2019 given a rebound in Brazilian exports and very low fleet growth,” Jefferies said in a note.

The supramax index fell 3 points to 1,196.

Source: Reuters



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