Baltic index gains on firm capesize rates

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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Wednesday as the rates in capesize vessels rose.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, climbed 6 points, or 0.34%, to 1,790.

The capesize index gained 66 points, or 2.53%, to 2,674, its highest level since May 21.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, increased $545 to $22,178.

Iron ore futures prices moved sideways, marking the Dalian benchmark’s third consecutive session of decline, as weakening fundamentals of the key steelmaking ingredient further overshadowed property stimulus measures in China.

The panamax index fell for the third consecutive session, slipping 39 points, or about 2.17%, to 1,762, marking its lowest level since April 16.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, dipped $355 to $15,858.

Among smaller vessels, the supramax index eased 16 points, or 1.22%, to 1,293, its lowest level since April 15.

Source: Reuters