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Baltic index scales 1-month peak as rates across vessel segments rise

The Baltic Exchange’s dry bulk sea freight index rose to a near one-month high on Thursday, helped by a jump in rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 229 points, or 13.4%, to 1,940, its highest level since Jan. 12.

The capesize index jumped 401 points, or 26.7%, to 1,904.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $3,321 to $15,789.

“Most of the prompt tonnage that has been heading towards the South Atlantic is now covered. This together with more fresh cargo has changed the sentiment and boosted the index,” shipbroker Fearnleys said in a weekly note, referring to the capesize segment.

“However, the most interesting this week has been the significant increase in period demand and the willingness to pay up. For the coming week it looks very promising.”

The panamax index gained 180 points, or 8.4%, to 2,333.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $1,621 to $20,998.

The supramax index climbed 146 points to 2,057.

Source: Reuters

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