Capesize Rates Lift Baltic Index near Three-year High

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hovered near a three-year high, supported by robust rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 34 points, or 2.4 percent, to 1,449 points - its highest level since November 5, 2014.

The capesize index climbed 138 points, or 5.07 percent, to 2,861 points, its biggest gain since Nov. 25, 2014.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $897 to $20,694.

"The dry bulk market has gained further momentum, with average capesize earnings bumping up to $20,700/day worldwide on the back of strong activity levels in the Pacific market," Clarksons Platou Securities analysts said in a note.
The panamax index slipped 5 points, or 0.33 percent, at 1,531 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell by $33 to $12,310.

Among indexes tracking rates for smaller vessels, the supramax index gained 16 points to 1,033 points, while the handysize index rose 14 points to 576 points.