Baltic index gains as rates firm for all vessels

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The Baltic Exchange’s main dry bulk sea freight index rose on Wednesday, aided by rising rates across all vessel segments with capesize hitting its highest level in over three weeks.

The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 65 points, or 3.7%, to 1,844 points.

The capesize index .BACI gained 129 points, or 4.9%, to 2,760, its highest level since March 26.

Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $1,074 to $22,893.

Iron ore futures fell, with the Dalian contract falling for the first session in seven, as investors reconsidered stimulus prospects from top consumer China after its first-quarter economic growth topped forecasts.

The panamax index .BPNI was up 51 points, or 2.9%, at 1,805 points, a two-week peak.

Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, gained $459 to $16,244.

Sentiment among Panamax owners was mixed. In the Atlantic, there was healthy demand for grain tonnage from the East Coast of South America, contrasting with low mineral exports from the North,” Intermodal Research Analyst Chara Georgousi said in a weekly note on Tuesday.

Among smaller vessels, the supramax index .BSIS was up by 26 points, or about 2%, to 1,337 points.

Meanwhile, Iranian authorities said they rescued 21 Sri Lankan crewmen from a Cook Islands-flagged tanker sinking in the Gulf of Oman, the state news agency IRNA reported on Wednesday.

Source: Reuters