Baltic index extends gain on strong capesize rates

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The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a second consecutive session on Tuesday, helped by higher capesize rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 42 points, or 1.7%, at 2,551.

The capesize index was up 194 points, or 4.4%, to 4,592.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, added $1,607 to $38,082.

Iron ore futures rebounded with the Singapore benchmark at the highest level since February, as hopes resurfaced for more stimulus from policymakers in top consumer China to spur its economic recovery.

The panamax index fell to its lowest level in three weeks, falling 53 points, or 2.6%, at 1,996.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $470 to $17,968.

Among smaller vessels, the supramax index was down 26 points, or 1.7% to 1,480.

Source: Reuters

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