Baltic index up on increased capesize rates

Seanergy-Maritime-Capesize

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, snapped its nine-session losing streak on Tuesday, helped by increased rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 4 points, or 0.27 percent, to 1,477 points.

The capesize index was up 57 points, or 1.87 percent, at 3,101 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $393 to $20,997.
“Sentiment in the capesize dry bulk market remains positive with the class seeing a slight uptick in the Pacific,” Clarksons Platou Securities analysts said in a client note.

The panamax index lost 9 points, or 0.57 percent, to 1,558 points.

Average daily earnings for panamaxes, which typically carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down $75 at $12,508.

Among indexes tracking rates for smaller vessels, the supramax index shed 13 points to end at 988 points. The handysize index lost 3 points and closed at 658 points.

Source: Reuters

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