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Baltic Index Ticks Up On Capesize Jump

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Monday as rates for the larger capesize vessel segment rebounded.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points, to 1,542.

The capesize index was up 32 points, or about 1.7%, to 1,945 – its biggest one-day rise since March 14.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $267 to $16,134.

The panamax index was down by 26 points, or about 1.5%, at 1,697, extending its decline for the third straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $239 to $15,270.

Among smaller vessels, the supramax index rose 11 points, to 1,329.

Meanwhile, Dalian and Singapore iron ore futures declined on Monday after China’s state planner issued another warning against speculation in the market and fresh production curbs were imposed in major Chinese steel cities.

Source: Reuters

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