Higher panamax rates buoy Baltic index
The Baltic Exchange’s main sea freight index gained for a seventh straight session on Tuesday, as higher demand for panamax and supramax vessels offset a slight dip in capesizes.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, edged up 9 points, or 0.8%, at 1,178, a peak since Nov. 10.
The capesize index edged 3 points lower, or 0.2%, at 1,447, snapping a three session-long streak of gains.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, dropped $25 to $11,996.
Steel futures on the Shanghai Futures Exchange (ShFE) closed lower on Tuesday due to unfavourable weather conditions and a rise in COVID-19 infections in China.
The panamax index gained 14 points, or 1%, at 1,398, its highest level since Oct. 14.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $127 to $12,583.
The supramax index was up by 21 points to 973, its highest since Oct. 19.