Baltic index hits near 1-month high on stronger capesize

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The Baltic Exchange’s main sea freight index extended gains to a sixth day, hitting a near one-month high on Wednesday, supported by strong rates in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 21 points, or 0.9%, at 2,425 points, a peak since March 28.

The capesize index gained 57 points, or 2.6%, to 2,226 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $469 at $18,460.

Chinese iron ore and steel futures rose on Wednesday after falling for two consecutive days, as concerns stoked by the COVID-19 outbreak eased.

The panamax index was down 15 points, or 0.5%, at 2,904 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $134 to $26,139.

Two South Korean importers have purchased a total of 119,000 tonnes of soymeal in private deals without international tenders being issued, European traders said on Wednesday.

The supramax index rose 22 points to 2,736 points.

Source: Reuters