Baltic index hits over ten-week high on stronger capesize, panamax demand

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to its highest level since late December on Monday, supported by stronger rates across capesize and panamax segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 47 points, or about 3.9%, to 1,258, its highest since Dec. 23.

Among other vessel segments, the capesize index rose 134 points, or 11.2%, to its highest in near eight weeks, at 1,329.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $1,116 to $11,026.

Meanwhile, Dalian and Singapore iron ore futures weakened after China’s state planner said last week it had sought expert advice on policy measures to deal with the recent rapid rise in prices of the raw material.

The panamax index was up 17 points, or about 1.1%, at 1,582, its highest since Dec. 21.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $153 at $14,240.

Among smaller vessels, the supramax index fell 9 points to 1,180.

Source: Reuters

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