Baltic Index Hits One-week High on Capesize Gains
The Baltic Exchange's dry bulk sea freight index touched a one-week high on Tuesday, supported by gains in the capesize vessel segment.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, added 19 points, or about 1.4%, to 1,356, the highest level since Nov. 1.
The capesize index rose 89 points, or about 6.3%, to 1,493, the highest level since Oct. 31.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, were up $731 at $12,379.
Dalian iron ore climbed to its highest in two weeks, supported by persistent hopes of China easing its COVID-19 rules and technical buying, despite worries about a surge in new coronavirus cases in some Chinese cities and weak steel demand.
The panamax index slipped 27 points, or about 1.6%, to 1,669, its lowest level in about two months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, lost $241 to $15,024.
The supramax index shed 10 points to 1,241, the lowest since February 2021.
(Reuters/Reporting by Kavya Guduru in Bengaluru; Editing by Vinay Dwivedi)