Baltic index hits 1-week high on gains in all vessel segments

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The Baltic Exchange’s dry bulk sea freight index rose to a one-week high on Wednesday, steered by gains across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 33 points, or about 1.6%, to 2,068 points.

The panamax index climbed 106 points, or about 3.7%, to 2,968 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, added $948 to $26,711.

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The capesize index edged up 3 points, or 0.2%, to 1,371 points.

Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, increased by $22 to $11,370.

“All in all, despite the recent slop on rates, forthcoming Brazilian iron exports coupled with lockdown restrictions which keep port congestion levels in check, will positively impact the dry bulk market,” shipbroker Intermodal said in a weekly note published on Tuesday.

The supramax index gained 13 points to 2,461 points.

Source: Reuters