Baltic index gains on higher capesize, panamax rates

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The Baltic Exchange’s main sea freight index rose on Wednesday, helped by rising rates for the larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 55 points or 2.4% to 2,370 points,

The capesize index .BACI was up by 97 points, or 2.4%, to 4,189.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $798 to $34,737.

Iron ore futures prices declined on fears of a reduction in demand in top consumer China amid rising equipment maintenance among steelmakers and the latest environmental curbs in the northern region of the country.

The panamax index gained 94 points, or 4.8%, to 2,043 points, its highest level in about three months.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, were up $848 at $18,385.

Among smaller vessels, the supramax index, was down by 5 points to 1,301 points.

The mixed sentiment persisted with some modest upwards and downwards swings, as observed in previous weeks,” shipbroker Allied said in a weekly note referring to supramax vessel segment.

Source: Reuters