Baltic index up for third session as vessel rates rise

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The Baltic Exchange’s dry bulk sea freight index rose for a third straight session on Tuesday, climbing to its highest in more than a month as rates across vessel segments strengthened.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 103 points to 2,148, its highest level since Jan. 11.

“Given the current momentum, we can anticipate activity to hold at good levels for the near term,” Allied Shipbroking said in a weekly note, referring to the overall dry bulk segment.

The capesize index jumped 166 points, or almost 9%, to 2,015, its highest level since Jan. 12.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $1,378 to $16,709.

Meanwhile, Chinese benchmark iron ore futures closed lower, reversing course from a near-5% gain as investors continued to be worried about policy uncertainties amid government intervention.

The panamax index rose 155 points to 2,596.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, gained $1,397 to $23,366.

The supramax index advanced 17 points to 2,359.

Source: Reuters

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