Baltic index marks best day in a month on firm vessel rates

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The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, recorded its best day in a month on Tuesday, bolstered by higher demand for all vessel segments.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, gained 31 points, or 1.75%, to 1,801, its largest daily percentage gain since early September.

The capesize index was up 28 points, or 0.9%, at 3,031.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $439 to $24,128.

The panamax index climbed 56 points, or 3.2%, to 1,804, its steepest rise since mid-August.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, climbed $446 to $14,453.

The supramax index inched up 3 points to 1,199.

Source: Reuters

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