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Baltic index hits over 1-month high on gains across vessel segments

The Baltic Exchange’s main sea freight index rose to a more than one-month high on Wednesday, helped mostly by steady gains in rates for the panamax and capesize vessel segments.

  • The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 67 points, or 5.8%, to 1,233.
  • The capesize index gained 104 points, or 6.5%, to 1,701.
  • Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $862 to $14,106.
  • The panamax index gained 74 points, or 5.2%, to 1,486, extending its winning streak to a 16th consecutive session to its highest in more than three months.
  • Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $664 to $13,374.
  • Dalian iron ore futures edged higher, as an unexpected policy rate cut by China’s central bank offered relief to traders disheartened by the country’s faltering economic rebound.
  • Among smaller vessels, the supramax index gained 40 points, or 5.2%, to 812.

Source: Reuters

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