Baltic index extends gains as vessel rates strengthen
The Baltic Exchange’s dry bulk sea freight index extended gains on Thursday to scale a one-month peak, helped by higher rates across all its vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 68 points, or 2.2%, to 3,115.
The capesize index advanced 70 points, or 1.6%, to 4,534, its highest level since Oct. 28.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $581 to $37,604.
Chinese steel rebar and hot rolled coils futures jumped as demand for the most traded May deliveries are expected to recover from the weak consumption season.
The panamax index gained 133 points, or 4.6%, to a three-week high of 3,030.
Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $1,195 to $27,271.
The supramax index added 28 points to its highest in almost a month at 2,402.
Source: Reuters (Reporting by Kavya Guduru in Bengaluru; Editing by Aditya Soni)