Baltic index hits 2-week high as rates climb across vessel segments

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to a two-week high on Thursday as demand firmed across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 68 points or 4.4% to 1,598 – highest since October 26.

The capesize index added 168 points or 7.3% to 2,486.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,396 to $20,618.

Iron ore extended gains for a second straight session as hopes of further support for China’s troubled property sector and expectations of a temporary supply disruption outweighed disappointing economic data.

The panamax index touched a 10-day high, rising 30 points or 2% to 1,500.

Average daily earnings for panamax vessels which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, was up $270 to $13,501.

Among smaller vessels, the supramax index rose 12 points or 1.1% to 1,116.

Ukraine’s alternative Black Sea export corridor is working despite a recent Russian attack on a civilian vessel, Deputy Prime Minister Oleksandr Kubrakov said on Thursday.

Source: Reuters

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