Baltic Index Rises on Firmer Vessel Rates

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, was up on Monday, on stronger demand across all vessel segments.

 

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 24 points, or 3.78 percent to 659 points.

 

The capesize index was up 81 points, or 8.54 percent, to 1,030 points. The index, which touched an all-time low of 161 points on March 7, crossed the 1,000 points level for the first time since early December.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, climbed $663 to $7,739.

 

Capesize earnings are expected to remain strong throughout this week on stable cargo volumes and firm bunker prices, according to ship brokers.

 

The panamax index was up 13 points, or 1.79 percent, at 740 points.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $97 to $5,893 on Monday.

 

Among smaller vessels, the supramax index rose 4 points to 529 points, and the handysize index was up 7 points at 328 points.


(Reporting by Apeksha Nair in Bengaluru)