Stronger demand across vessels lifts Baltic index to over 1-month high


The Baltic Exchange’s dry bulk sea freight index rose to an over one-month high on Monday, buoyed by strengthened rates across all its vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, added 64 points, or 2%, to 3,235, a peak since Nov. 1.

The capesize index advanced 105 points, or 2.3%, to its highest in nearly a month-and-a-half at 4,699.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $874 to $38,970.

Dalian and Singapore iron ore futures rose, on hopes a monetary policy easing in China could curb the downside risks being faced by the world’s biggest steel producer and consumer, but gains were capped by steel output control fears.

The panamax index gained 84 points, or 2.7%, at 3,212, its eleventh straight session of gains.

Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $750 to $28,904.

The supramax index rose 21 points to 2,452, its highest level since Nov. 4.

Source: Reuters