Baltic index scales 1 and 1/2-year peak

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The Baltic Exchange’s dry bulk sea freight index rose on Monday for the third consecutive session to its highest level in one-and-a-half years, steered by higher demand for larger shipping vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 157 points, or 7.5%, to 2,259, its highest since June 2022.

The capesize index surged 434 points, or 12.8%, to 3,819, also climbing to a one-and-a-half year peak.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, added $3,600 to $31,671.

China has added 50 million metric tons of iron ore concentrate capacity from 2022, state media quoted an official at the industry association as saying, part of a plan to boost production of the key steelmaking ingredient.

The panamax index rose 31 points, or 1.5%, to 2,095, its highest since October 2022.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $282 to $18,859.
Ukraine’s grain exports have fallen to around 12.7 million metric tons so far in the 2023/24 July-June marketing season, agriculture ministry data showed.

Among smaller vessels, the supramax index .BSIS was up 13 points or 1% to 1,292.
Source: Reuters

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