Baltic index sees biggest daily rise in over two months

ships

The Baltic Exchange’s main sea freight index rose to a near two-week high on Monday, registering its biggest daily advance in more than two months as rates rose across all vessel segments.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, gained 9 points, or 2.1%, to 434.

The main index recorded its biggest one-day percentage gain since early December.

The capesize index gained 7 points, but remained at negative 287 as coronavirus worries continued to weigh.

Shipping demand from China, the world’s second-largest economy, has been impacted after the coronavirus outbreak forced the government to shut factories and mills.

Average daily earnings for capesizes, which typically transport 170,000 to 180,000 tonne cargoes including iron ore and coal, rose $46 to $2,491.

The panamax index rose 21 points, or 3.3%, to 657, its highest since Jan. 27.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $193 to $5,917.

The supramax index rose 4 points to 474.

Source: Reuters

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