Baltic index gains on stronger capesize, supramax rates
The Baltic Exchange’s main sea freight index rose on Tuesday, helped by strong demand for capesize and supramax vessels.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 11 points, or 1.8%, to 627.
The capesize index gained 25 points to -347.
Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes including iron ore and coal, rose by $167 to $2,552.
Iron ore stockpiles at Chinese ports continued to decline after steel mills resumed work and as business activities picked up steam in China after being disrupted by the outbreak of the coronavirus epidemic.
The panamax index fell 3 points, or 0.3%, to 1,064.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, declined $34 to $9,573.
The supramax index rose 18 points to 722.