Baltic index nears one-month peak on capesize bounce

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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, hit a more than four-week high on Thursday, propelled by a 15% jump in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 78 points, or 6.9%, at 1,216 — its highest since May 24.

The capesize index jumped 261 points, or 15.1%, to 1,991, its highest since May 23.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $2,164 to $16,514.

“In the Atlantic, the cargo balance suddenly looked much healthier with numbers gradually improving,” shipbroker Fearnleys wrote in a note referring to the capesize segment.

The panamax index lost 17 points, or 1.5%, at 1,140.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $154 to $10,263.

Among smaller vessels, the supramax index fell 10 points to 751.

Source: Reuters

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