Baltic index jumps to over 1-month high on higher rates across vessels

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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest in over a month on Wednesday as demand across vessels segments rose.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 35 points, or about 1%, at 3,410 points, a peak since June 29.

The capesize index snapped a three-session losing streak to rise 56 points, or 1.3%, to 4,384 points, its highest since Aug. 5.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $459 to $36,354.

Dalian iron ore rose nearly 4% on Wednesday, after five straight sessions of losses, tracking steel futures as China’s output curbs fuelled worries about supply.

The panamax index advanced 40 points, or 1.2%, to its highest since June 23 at 3,516 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $358 to $31,640.

Among smaller vessels, the supramax index rose 17 points to 3,049 points, an all-time high.

Source: Reuters

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