Baltic index hits two-week high on firm 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 a two-week high on Thursday, supported by higher rates for larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 30 points or 2.8% to 1097, its highest level since July 13.

The capesize index added 67 points or 3.9% to 1,801, its highest in over five weeks.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $558 to $14,937.

The panamax index gained 39 points or 4.3% to 955,continuing its biggest daily percentage gain since July 12.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $350 to $8,594.

Among smaller vessels, the supramax index fell by 9 points or 1.2% to 753.

Iron ore futures dipped, with the Dalian benchmark retreating from a three-day advance spurred by China’s pledge to step up support for the struggling property sector, as traders sought details of policy measures and further action.

Source: Reuters

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