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Baltic index gains on company capesize rates

Posted to Maritime Reporter on May 29, 2024

The Baltic Exchange's primary sea freight index, which tracks rates for ships carrying dry bulk products, edged greater on Wednesday as the rates in capesize vessels rose.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, climbed up 6 points, or 0.34%, to 1,790.

* The capesize index gained 66 points, or 2.53%, to 2,674, its greatest level given that May 21.

* Typical day-to-day incomes for capesize vessels, which normally transfer 150,000-ton freights of iron ore and coal, among others, increased $545 to $22,178.

* Iron ore futures costs moved sideways, marking the Dalian criteria's 3rd consecutive session of decrease, as weakening fundamentals of the crucial steelmaking component even more eclipsed home stimulus steps in China.

* The panamax index fell for the third consecutive session, slipping 39 points, or about 2.17%, to 1,762, marking its lowest level because April 16.

* Average day-to-day earnings for panamax vessels, which normally carry about 60,000-70,000 tons of coal or grain cargo, dipped $355 to $15,858.

* Amongst smaller sized vessels, the supramax index relieved 16 points, or 1.22%, to 1,293, its least expensive level since April 15.

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