Baltic index at 1-1/2 year peak on robust vessel demand
The Baltic Exchange’s main sea freight index hit a one-and-a-half-year high on Thursday propped up by stronger demand for all vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 110 points, or 5.2%, to 2,215, its highest since September 2019.
The panamax index gained 239 points, or 9.3%, at 2,822, its highest since September 2010.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $2,155 at $25,400.
“Rates are firming in both hemispheres… We see increased demand in the Atlantic and also a very active (European Community Shipowners’ Associations) ECSA market,” Fearnleys Research said about the panamax vessel segment in a weekly note dated Wednesday.
The capesize index gained 114 points, or 5.3%, at 2,276, its highest since Jan. 26.
Chinese ferrous futures rose on Thursday lifted by rising consumption of industrial metals.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $942 to $18,873.
The supramax index rose 23 points to 2,114, its highest since at least April 2017, according to Refinitiv Eikon data.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Amy Caren Daniel)