Baltic Index Hits Over 11-month peak on Capesize Strength
The Baltic Exchange's main dry bulk sea freight index rose to its highest in over 11-month on Tuesday, steered by robust demand in the capesize vessel segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, extended gains by rising 43 points, or 2.5%, to 1,780 - its highest level since Oct. 24, 2022.
The capesize index, scaled an over 9-month peak, adding 163 points, or 6.3%, to 2,773.
Average daily earnings for capesize vessels , which typically transports 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,351 to $22,996.
The panamax index dropped by 28 points or 1.7%, to 1,656 - declining for the second straight session.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain cargo, decreased $254 to $14,905.
The Dalian Commodity Exchange and the Shanghai Futures Exchange will be closed from Sept. 29 to Oct. 8 for public holidays in China, the bourses said.
Among smaller vessels, the supramax index shed 13 points to 1,250.
A new corridor allowing cargo vessels to carry Ukrainian grain and iron ore from Black Sea ports has significantly lowered freight rates and they are likely to fall further, Ukraine's farm minister said on Monday.
(Reuters - Reporting by Daksh Grover in Bengaluru; Editing by Shweta Agarwal)