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Baltic index firms on rising supramax rates

The Baltic Exchange’s main sea freightindex gained on Monday as surging supramax rates counteredweakness in the larger vessel segments.

The Baltic dry index, which tracks rates forcapesize,panamax and supramax vessels ferrying dry bulk commodities,edged 11 points, or 0.6% higher, to 1,709.

The capesize index dipped 42 points, or 2.4%, to1,673.

Average daily earnings for capesizes, which typicallytransport150,000-tonne cargoes such as iron ore and coal, fell $351 to$13,873.

Coking coal and coke futures on the Dalian CommodityExchangeplunged on Monday, as some mills attempt to lower purchaseprices of the steelmaking ingredients due to tight steel profitmargins in China.

The panamax index slipped 11 points, or 0.5%, to2,321.

Average daily earnings for panamaxes, which usually carrycoalor grain cargoes of about 60,000 tonnes to 70,000 tonnes, weredown by $99 at $20,892.

The supramax index rose 85 points to 1,598, itshighestlevel as per Refinitiv Eikon records going back to April 2017.

The index was up for the 12th straight session.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing byAditya Soni)

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