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Baltic index hits one-week high up on strong capesize rates

Posted to Maritime Reporter on May 30, 2024

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, inched upwards on Wednesday, reaching a oneweek peak due to rising rates in capesize vessel sector.

* The total index, which consider rates for capesize, panamax and supramax shipping vessels, climbed up 11 points, or 0.61%, to 1,801.

* The capesize index got 76 points, or 2.84%, to 2,750.

* Typical everyday revenues for capesize vessels, which normally transfer 150,000-ton freights of iron ore and coal, to name a few, increased $630 to $22,808.

* Iron ore futures slipped to a two-week short on Thursday, undermined by fears of falling demand in top consumer China after Beijing restated its stance on continuing to manage crude steel output in 2024.

* The panamax index succumbed to the fourth successive session, slipping 44 points, or about 2.50%, to 1,718, marking its lowest level because April 12.

* Average day-to-day incomes for panamax vessels, which typically carry about 60,000-70,000 tons of coal or grain cargo, dipped $392 to $15,466.

* Among smaller vessels, the supramax index decreased for the twelfth successive session, alleviating 7 points, or 0.54%,. to 1,286, its most affordable level because April 15.

* Yemen's Houthis released attacks on six ships in 3. different seas, the Iran-backed group stated on Wednesday,. consisting of the Marshall Islands-flagged bulk carrier Laax that. was damaged after reporting a missile strike off the Yemeni. coast.

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