Rising capesize rates lift Baltic index to highest level in 7 weeks

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The Baltic Exchange’s main sea freight index rose for a seventh straight session to hit its highest since late October on Thursday, supported by stronger rates for the larger capesize vessel segment.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, edged up 5 points, or 0.4%, to 1,301, highest since Oct. 28.

The capesize index rose 38 points, or 2.3%, to 1,705, gaining for the sixth session in a row, and hitting a peak since Nov. 10.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $317 at $14,143.

Chinese steel futures rose for a second straight session on Thursday, benefiting from a strong demand outlook for 2021 and supporting benchmark Dalian iron ore above the 1,000-yuan mark.

The panamax index lost 33 points, or 2.3%, at 1,433.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $292 to $12,899.

The supramax index gained 3 points to 1,057, its highest since late October 2019.

Source: Reuters

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