Higher capesize rates buoy Baltic index

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The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Tuesday as stronger demand for capesize vessels offset a dip in panamax and supramax rates.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 20 points, or about 1%, to 2,092.

The capesize index climbed 134 points, or 5.6%, to 2,528, its highest since Jan. 25.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, added $1,109 to $20,962.

China steel prices jumped to record highs on Tuesday, boosted by strong domestic demand and concerns over supply curbs in the world’s biggest producer and exporter of the construction and manufacturing material.

The panamax index dropped 53 points, or 2.1%, to 2,431, its lowest level since March 16.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, lost $474 to $21,880.

The supramax index slipped 31 points to 1,809.

Source: Reuters

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