Baltic index steady as gains in capesize offset lower rates for smaller vessels

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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, was mostly unchanged on Monday as gains in capsize countered weakness in smaller vessel segments.

The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, rose 3 points, or 0.16%, to 1,847.

The capesize index .BACI gained 33 points, or 1.23%, to 2,708.

Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes of iron ore and coal, among others, increased $280 to $22,460.

Iron ore futures rose to their highest level in three months on Monday, as traders welcomed China’s latest support measures for its crisis-hit real estate sector that accounts for a large volume of iron ore.

The panamax index .BPNI was down 14 points, or about 0.77%, at 1,811, its lowest level since April 17.

Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain cargo, fell $127 to $16,300.

Among smaller vessels, the supramax index .BSIS eased 13 points, or 0.93%, to 1,392.

Source: Reuters