Panamax vessel demand lifts Baltic index

The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, rose for the sixth straight session on Wednesday as panamax rates increased on demand from grain cargoes.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 15 points, or 1.06 percent, to 1,433 points.

The panamax index also increased for the sixth consecutive session, up 39 points, or 2.66 percent, at 1,504 points.

“The Atlantic Panamax market saw increased enquiry in east coast of South America (ECSA) and U.S. Gulf Coast (USG) Tuesday onwards, while Asian business also improved particularly for North Pacific rounds,” shipbroker Intermodal said in a note.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $316 to $12,086.

The capesize index fell 12 points, or 0.41 percent, to 2,882 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $91 at $19,911.

Among smaller vessels, the supramax index rose 24 points to 1,020 points, while the handysize index rose 5 points to 623 points, a peak since April 2014.

Source: Reuters

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