Baltic index rises on capesize strength

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday, supported by gains in capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 27 points, or 1.4%, to 1,972.

The capesize index added 91 points, or 2.7%, to 3,418.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $757 to $28,348.

Iron ore strengthened as investor sentiment was boosted by the latest China stimulus, shrugging off downward pressure from production cuts among some steel mills due to shrinking margins.

The panamax index eased 14 points or 0.9% to 1,553.

Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain, decreased $129 to $13,975.

Among smaller vessels, the supramax index edged up a point to 1,269.

Source: Reuters

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