Baltic Index marks best month in five on stronger vessel demand

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The Baltic Exchange’s main sea freight index posted its biggest monthly percentage gain in five months, supported by higher rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 55 points, or 5.9%, to 990, on Tuesday.

The main index was up 45.4% for the month, the most since September 2022.

The capesize index rose 28 points, or about 4%, to 729, marking its seventh straight session of gains. It has risen 37% for the month.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $227 at $6,042.

The panamax index, up for the sixth straight session, gained 104 points, or 7.9%, at 1,421.

The index rose 35.1% for the month, marking its biggest monthly percentage gain in five.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $932 at $12,785.

Among smaller vessels, the supramax index rose 55 points to 1,105.

Meanwhile, Dalian and Singapore iron ore futures showed divergent trends on Tuesday due to a mixed near-term market outlook, with the former continuing a downtrend for the fifth consecutive session, while the latter reversed up.

Source: Reuters

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