Baltic index near eight-week high on stronger capesize rates

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The Baltic Exchange’s main sea freight index climbed to its highest in nearly eight weeks on Tuesday, as rising rates for larger capesize vessels offset dips in panamax and supramax rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose 7 points, or 0.5%, to 1,330, its highest since Oct. 28.

The capesize index rose 46 points, or 2.5%, to 1,865, extending an eight-day rally and hitting its highest level in over seven weeks.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $384 to $15,469.

The panamax index dropped 25 points, or 1.8%, to 1,352, lowest since Dec. 8.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $226 to $12,169.

The supramax index was down 6 points at 1,048.
Source: Reuters

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