Baltic index up at near 2-week peak on buoyant rates

Ships used to carry grains for export are seen next to a dredging boat (L) on the Parana river near Rosario, Argentina, January 31, 2017.  Picture taken January 31, 2017. REUTERS/Marcos Brindicci

The Baltic Exchange’s main sea freight index climbed on Wednesday to its highest level since mid-February, on stronger rates across vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 90 points, or 5.4%, to 1,763, its strongest since Feb. 18.

The capesize index, jumped 212 points, or 14.5%, to 1,677, a near two-week high.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,758 to $13,910.

Prices of steelmaking raw materials gained on Wednesday. Benchmark iron ore futures on the Dalian Commodity Exchange rose 1.8% to 1,154 yuan a tonne.

The panamax index added 61 points, or 2.9%, to 2,161.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $551 to $19,450.

The supramax index edged up 10 points to 1,889, its highest level, as per Refinitiv Eikon records going back to April 2017.

Source: Reuters

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