Baltic index extends gaining streak on firm capesize rates


The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a sixth consecutive session, helped by stronger rates for capesize and smaller vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 21 points, or 1.45 percent, to 1,470 points.

The capesize index was up 87 points, or 3.04 percent, at 2,948 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $631 to $21,325 – their highest since Nov. 25, 2014.

“With good demand out of Brazil as well as steady supply of coal cargoes, Cape rates are on the run again,” ship brokerage firm Fearnleys said in a weekly report on Wednesday.

The panamax index slipped 17 points, or 1.11 percent, to 1,514 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $140 to $12,170.

Among indexes tracking rates for smaller vessels, the supramax index increased 17 points to 1,050 points, and the handysize index rose 10 points to 586 points.

Source: Reuters



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