Baltic index logs best day in a year on strong demand for vessels

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The Baltic Exchange’s dry bulk sea freight index posted its biggest daily percentage gain since February 2021, boosted by stronger rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 208 points, or 13.8%, to 1,711 — its highest level since Jan. 17.

The capesize index jumped 301 points, or 25%, to 1,503, its highest level since Jan. 14.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $2,499 to $12,468.

The panamax index gained 182 points, or 9.2%, at 2,153.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $1,637 to $19,377.

The supramax index rose 177 points to 1,911.

Source: Reuters