Baltic index rises as rates climb across vessel segments

0
1177

The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships carrying dry bulk commodities, climbed back on Thursday after registering two consecutive sessions of losses, supported by higher rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 75 points or about 3.5% to 2,251 points.

The capesize index, gained 210 points, or 5.6%, to 3,979.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $1,736 to $32,996.

Iron ore futures rose after comments from officials in top consumer China revived hopes for more stimulus measures, although weak fundamentals limited price upside room for the key steelmaking ingredient.

The panamax index added 17 points, or about 1%, to 1,840 points, touching highest level in over two months.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $149 at $16,556.

Among smaller vessels, the supramax index, edged up by 5 points to 1,317 points. It rose for a seventeenth straight session.

India’s navy evacuated all 20 crew from a stricken vessel in the Red Sea, after a Houthi attack killed three seafarers in the first civilian fatalities from the Yemeni group’s campaign against the key shipping route.

Source: Reuters