Baltic index hits more than one-month high as capesize rates rise

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The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose to its highest level in more than a month on Tuesday as rates for capesize and supramax vessels increased.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 13 points, or 0.7%, to 1,961, its highest level since May 14.

The capesize index gained 28 points, or 0.9%, to 2,966.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, was up $233 at $24,596.

Iron ore futures prices rebounded, but fell short of their session peak as investors booked profits following market talks of controlling steel output in the southern province of Fujian in China.

The panamax index edged lowerby 6 points, or about 0.3%, to 1,954.

Average daily earnings for panamax vessels which usually carry about 60,000-70,000 tons of coal or grain cargo, lost $52 to $17,585.

Among smaller vessels, the supramax index was up 16 points, or 1.1%, to 1,362.

Source: Reuters