Baltic index at near one-month high on firm capesize demand

0
8261

The Baltic Exchange’s dry bulk sea freight index rose to its highest level in almost a month on Wednesday, helped by stronger rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 33 points, or about 2.5%, to 1,373, its highest since Nov. 10.

The capesize index gained 95 points, or 6.2%, to 1,635, its biggest daily percentage gain in nearly two weeks.

Average daily earnings for capesize , which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, increased $787 to $13,561.

The panamax index was up 2 points at 1,659, extending its gain for a 10th straight session.

Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $23 to $14,935.

The supramax index remained flat at 1,158.

Iron ore futures extended losses as China’s worse-than-expected trade data for November dampened enthusiasm about a major shift in Beijing’s COVID-19 containment policy.

Source: Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here