Baltic index rises as rates for larger vessels jump

The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, rose on Thursday as rates for capesizes and panamaxes surged.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 62 points, or 4.7 percent, at 1,382 points, its biggest rise in a day since March 7.

The capesize index gained 221 points, or 8.29 percent, its biggest daily percentage gain since mid-August, at 2,888 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $1,759 to $20,156.

“Capesize rates are moving higher yet again with sentiment firming on the back of stronger activity levels in the Atlantic,” Clarksons Platou Securities analysts said in a note.

Markets in China have been shut since the beginning of this month on account of the National Day holiday and the Mid-Autumn Festival. They will resume trade on Oct. 9.

The panamax index was up 69 points, or 5.41 percent, its biggest daily gain since early January, at 1,345 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $558 to $10,811.

Among smaller vessels, the supramax index fell 3 points to 965 points, while the handysize index fell 2 points to 607 points.

Source: Reuters 

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