Higher rates across vessels propel Baltic index to more than 1-month peak

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The Baltic Exchange’s dry bulk sea freight index rose to a more than one-month high on Monday, boosted by a jump in rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 81 points, or 4.1%, to 2,045, its highest level since Jan. 11.

The capesize index jumped 174 points, or 10.4%, to 1,849.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $1,443 to $15,331.

Chinese coking coal futures surged more than 5% as supply remained relatively low and demand was expected to recover following the Lunar New Year holidays and the Winter Olympics.

The panamax index edged up 66 points to 2,441.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, gained $594 to $21,969.

The supramax index advanced 17 points to 2,342.

Source: Reuters

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