Baltic Index Rises on Higher Demand for Capesize Vessels
The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, rose for a second straight session on Monday on higher capesize rates, while other vessel segments stayed flat.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 28 points, or 1.6%, at 1,788 points.
The capesize index gained 86 points, or 4.4%, at 2,041 points, on its best day in six.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $710 at $16,924.
BHP Group Ltd, the world's largest listed miner, lifted its long-term demand forecast for steel. BHP Group is one of the world's biggest producers of iron ore, the most important ingredient in making steel.
The panamax index was flat at 2,082 points, following a four-session winning streak.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, lost $1 at $18,741.
Ukraine's grain exports fell by 23.6% year on year in September to 4.278 million tonnes, but reached the highest level since the Russian invasion, agriculture ministry data showed.
Meanwhile, Russia may start providing trade finance to importers of its grain as sanctions imposed on Moscow since it sent troops to Ukraine affect this financial instrument, Agriculture Minister Dmitry Patrushev said.
Among smaller vessels, the supramax index was unchanged at 1,663 points.
(Reuters - Reporting by Deep Vakil in Bengaluru; Editing by Anil D'Silva)