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Baltic index extends gains on stronger capesize demand

The Baltic Exchange’s main sea freight index extended gains to a 13th straight session on Tuesday, as the index tracking capesize vessels marked its highest level since early-January.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 40 points, or about 3.2%, to a more than ten-week high of 1,298.

The capesize index gained 142 points, or about 10.7%, to 1,471 — the highest since Jan. 10.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $1,175 to $12,201.

“The Atlantic and Pacific round voyages remained the top climber for another week, with strong gains across routes,” shipbroker Allied wrote in a weekly report, referring to capesize segment.

The panamax index edged down 2 points, to snap its ten-session winning streak at 1,580.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were down $21 to $14,219.

The supramax index was down 19 points to 1,161.
Source: Reuters

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