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Baltic index gains 1.3% on higher rates across vessels

The Baltic Exchange’s dry bulk sea freight index, tracking rates for ships ferrying dry bulk commodities, rose on Wednesday led by gains across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 27 points, or 1.3%, to 2,142 points, the highest in more than two weeks.

The capesize index jumped 21 points, or 1.6%, to 1,363 points.

Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, increased by $178 to $11,305.

Dalian iron ore fell in seesaw trade on Wednesday, as worries about future demand for the steelmaking ingredient in China outweighed reports of COVID-19 curbs being eased in some areas in the world’s top steel producer.

The panamax index climbed 8 points, or about 0.3%, to 3,087 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $65 to $27,780.

Ports in one of Brazil’s biggest farming states are handling an unusual amount of fertilizer after importers rushed to secure supplies amid fears that sanctions on Belarus and Russia would curtail trade, the Parana port authority said.

The supramax index gained 55 points to 2,596 points, the highest in two weeks.
Source: Reuters (Reporting by Roshan Abraham in Bengaluru; Editing by Shailesh Kuber)

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