Baltic index scales 1-1/2-month peak on strong demand across segments

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The Baltic Exchange’s main sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, rose to more than one-and-a-half-month high on Tuesday as demand firmed across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 176 points, or 11.3%, at 1,729 points, its highest since Aug. 3.

The capesize index (.BACI) gained 475 points, or 31.3%, to a seven-week high of 1,994 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, (.BATCA) gained $3,941 to $16,540.

China’s coal imports from Russia rose in August, hitting the highest in at least five years, as power utilities in the world’s biggest coal consumer sought overseas supplies to meet soaring demand amid extreme hot weather.

The panamax index (.BPNI) was up 33 points, or 1.7%, at 2,023 points, after two sessions of declines.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, (.BPWT) gained $293 at $18,206.

Among smaller vessels, the supramax index (.BSIS) rose for a fifth consecutive session, adding 29 points to 1,580 points.

Source: Reuters