Baltic index ticks up on firm capesize, supramax demand

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Monday, aided my higher rates for capesize and supramax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 13 points, or 0.9%, to 1,517 – its highest in nearly two weeks.

The capesize index was up 31 points, or 1.6%, at 1,993.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $256 to $16,526.

Iron ore futures slumped to their lowest in more than four months as weak steel demand in China prompted a production slowdown, while latest reports from major miners signalled ample supply of the steelmaking ingredient.

Among smaller vessels, the supramax index climbed a near one-month peak, adding 11 points to 1,212.

The panamax index slipped 5 points, or 0.3%, to 1,687.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, lost $39 to $15,186.

Source: Reuters

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