Baltic index climbs to 11-week high, led by capesizes

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The Baltic Exchange’s main sea freight index rose to an 11-week high on Thursday as rates across larger vessel segments extended gains, led by capesize vessel segment.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 52 points, or about 4%, at 1,379.

The capesize index was on its 14th day of gains, rising 112 points, or 7.2%, to 1,662, also an 11-week high.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $932 at $13,783.

“Further steady climbs expected as positive macro-economical projections combine with tight tonnage supply across the board,” shipbroker Fearnleys wrote in a weekly report, referring to the capesize segment.

The panamax index was up 32 points, or 2%, at 1,624. It has gained in 12 out of 13 previous sessions.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, gained $292 at $14,617.

Among smaller vessels, the supramax index rose 19 points to 1,180.

Source: Reuters

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