Baltic index nears 6-week peak on capesize, panamax gains


The Baltic Exchange’s main sea freight index rose to a near six-week high on Wednesday, helped by higher rates for capesize and panamax segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 73 points, or 3%, to 2,485 points, the highest since March 25.

The capesize index rose 172 points, or 8%, to 2,319 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $1,431 to $19,235.

The panamax index gained 58 points, or about 2%, to 3,013 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $525 to $27,116.

Tunisia’s state grains agency has issued an international tender to purchase an estimated 100,000 tonnes of soft wheat and 75,000 tonnes of animal feed barley, European traders said on Wednesday.

The supramax index was down 1 point at 2,732 points.

Source: Reuters