Baltic index hits over five-month peak as vessel rates firm

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The Baltic Exchange’s main sea freight index rose to its highest in more than five months on Monday, as rates across vessel segments strengthened.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 23 points, or 1.2%, to 1,983, its highest since Oct. 7, 2020.

The capesize index gained 37 points, or 1.8%, to 2,056.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $313 to $17,054.

Chinese iron ore futures dropped more than 6% on Monday after top steelmaking city Tangshan pledged to cut emissions by 50% during the heavy pollution period and punish those who fail to implement production curbs.

The panamax index was up 30 points, or 1.3%, at 2,272, a near three-week high.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $274 at $20,452.

The supramax index rose 6 points to 2,083, its highest since at least April 2017, according to Refinitiv Eikon data.

Source: Reuters

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