Baltic index at 4-week high on higher supramax demand

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The Baltic Exchange’s main sea freight index on Monday touched its highest in four weeks as rising supramax rates countered a decline in demand for capesize and panamax vessels.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up 3 points, or 0.2%, at 1,598, gaining for a fourteenth consecutive session.

The supramax index rose 16 points, or 1.7%, to 943.

The capesize index eased 2 points, or 0.1%, to 2,400.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, were down $16 at $19,900.

The panamax index slipped 5 points, or 0.3%, to 1,819.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined $43 to $16,372.
Source: Reuters

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