Increased capesize rates push Baltic sea freight index up

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, mainly driven by increased rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 9 points, or 0.61 percent, to 1,486 points.

The capesize index was up 158 points, or 5.1 percent, at 3,259 points, its highest percentage increase in over a month.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $983 to $21,980.

“Capesize dry bulkers are gaining further momentum with activity in the Atlantic gaining some traction,” Clarksons Platou Securities analysts said in a client note.

The panamax index lost 43 points, or 2.76 percent, to 1,515 points.

Average daily earnings for panamaxes, which typically carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down $345 at $12,163.

Among indexes tracking rates for smaller vessels, the supramax index shed 27 points to end at 961 points. The handysize index lost 4 points and closed at 654 points.

Source: Reuters

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