Baltic index rises on firmer capesize, supramax demand

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The Baltic Exchange’s main sea freight index rose on Monday, helped by higher rates for capesize vessels and a slight uptick in supramax vessel rates.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, gained 45 points, or 2.6%, to 1,794.

The index rose 12.5% last week, marking its sixth consecutive week of gains.

The index has surged 60% so far this year and has cancelled out losses caused by the coronavirus pandemic that hurt global trade and demand for vessels.

The Baltic capesize index gained 106 points, or 2.5%, to 4,325.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, rose by $1,137 to $30,778.

The supramax index edged 1 point higher to 679.

The panamax index was unchanged at 1,256 points a high since Dec. 19.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, was up by $1 at $11,307.
Source: Reuters

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