Baltic index steady as gains in smaller vessels counter weaker capsize

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, were little changed on Monday as gains in smaller vessel segments countered weaker capesize rates.

The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, rose by a point to 1,730 points.

The panamax index .BPNI was up 23 points, or 1.3%, at 1,736 points.

Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, rose $204 to $15,623.

Among smaller vessels, the supramax index .BSIS firmed 8 points, or 0.6%, to 1,280 points.

The capesize index .BACI edged down by 23 points to 2,529.

Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, decreased by $194 to $20,970.

Iron ore futures prices extended their rise to hit the highest level in multiple weeks, bolstered by an obvious reduction in shipments and hopes that top consumer China will roll out more stimulus to prop up its economy.

Source: Reuters