Baltic Index Hits Near 3-Week High On Firm Demand Across Segments

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The Baltic Exchange’s main dry bulk sea freight index climbed to its highest level in nearly three weeks on Tuesday, as rates rose across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 49 points, or 2.8%, to 1,779 points, its highest level since March 28.

The capesize index firmed 102 points, or about 4%, to 2,631, a three-week peak.

Average daily earnings for capesize vessels which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $849 to $21,819.

Iron ore futures fell, with the Dalian contract falling for the first session in seven, as investors reconsidered stimulus prospects from top consumer China after its first-quarter economic growth topped forecasts.

The panamax index .BPNI was up 18 points, or about 1%, at 1,754 points. The index rose for a fourth straight session.

Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, gained $162 to $15,785.

Among smaller vessels, the supramax index ticked up by 31 points, or 2.4%, to 1,311 points.

Meanwhile, the FBI said on Monday it opened a criminal probe into the collapse of a Baltimore bridge in March when a ship crashed into a bridge support, while local officials confirmed the recovery of a fourth body from the incident.

Source: Reuters