Baltic index ticks up on firm demand for larger vessels

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The Baltic Exchange’s main sea freight index edged up on Wednesday on higher rates for capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 5 points to 1,407.

The capesize index was up 16 points, or about 1%, to 1,662.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes for commodities such as iron ore and coal, increased $133 to $13,788.

Dalian iron ore futures extended gains to a third straight session on prospects of tighter supply of the steel-making ingredient and optimism over steel demand in China.

The panamax index snapped a losing streak of nine sessions, adding 37 points, or about 2.4%, to 1,598.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $335 to $14,386.

Among smaller vessels, the supramax index fell 30 points to 1,285.

Source: Reuters

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