Capesize, panamax gains drive Baltic index higher

0
1493

The Baltic Exchange’s main sea freight index rose for a fourth straight session on Thursday, helped by higher rates for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 20 points, or 2%, to 1,040 points – its highest so far this month.

The capesize index jumped 73 points, or 5.3%, to 1,460.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $609 to $12,112.

“After a long period of softening rates, market turned towards the end of the week as forward freight agreement values were recovering and demand from the big miners were increasing,” Fearnleys said in a weekly note on Wednesday.

Iron ore futures also climbed on Thursday, with the Dalian benchmark hitting a fresh seven-week high.

The panamax index was up 7 points, or 0.6%, at 1,146.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $60 to $10,312.

Among smaller vessels, the supramax index lost 19 points, or about 2.5%, at 747, to hit its lowest since late February.

Source: Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here