Baltic index hits two-week high on smaller vessels demand

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged higher on Wednesday, aided by an uptick in rates for smaller panamax and supramax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 5 points, or 0.5%, at 1,079, its highest level in two weeks.

The panamax index, gained 19 points, or 1.7%, to 1163.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, also rose $169 to $10,466.

Panamax market activity was stronger week-on-week, being underpinned by East Coast South America front haul routes and higher traffic between Australian and China, Intermodal said in a weekly note on Tuesday.

Among smaller vessels, the supramax index was up 7 points at 729.

On the other hand, the capesize index broke its seven-session winning steak, losing 7 points, or 0.4%, to 1,580.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $57 to $13,106.

Source: Reuters

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