Baltic index extends gain as panamax rates hit four-month peak

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The Baltic Exchange’s main dry bulk sea freight index extended gains to a fifth straight session on Tuesday on firm demand across vessel segments, with panamax hitting its highest since late-April.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels rose 26 points, or 2.2% to 1,235.

The panamax index gained 67 points, or 4.4%, to 1,575, its highest level since April 28.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $606 to $14,176.

Iron ore futures gained for a second session, as better-than-expected loan data from top iron ore consumer China, a stronger yuan and anticipation of pre-holiday restocking bolstered investor sentiment.

The capesize index edged up by 6 points to 1,330.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $45 to $11,027.

Among smaller vessels, the supramax index added 19 points to 1,118 points.

Argentina must collect tolls on a crucial waterway, the country’s energy chief said on Monday after meeting with Paraguayan officials, as a multi-nation conflict over fees for ships carrying grains and other exports intensifies.

Source: Reuters

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