Baltic index hits 5-month high on buoyant capesize, supramax rates

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The Baltic Exchange’s main sea freight index rose on Tuesday, to its highest since October last year, lifted by higher rates in the capesize and supramax vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, was up 48 points, or 2.6%, to 1,901, its highest since Oct. 8, 2020.

The capesize index climbed 125 points, or 6.8% to 1,950, its highest level since late-January.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,032 to $16,170.

The market returned back strong during the past week or so, and this can be seen as a mere reflection of the robust activity levels seen on most of the main trades, Allied Shipbroking said about the capesize segment in a weekly note.

The panamax index fell 20 points, or 0.9%, to 2,238.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dipped $178 to $20,145.

The supramax index gained 36 points to 1,969, its highest since at least April 2017, according to Refinitiv Eikon data.

Source: Reuters 

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