Baltic index gains as capesize rates rebound
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday buoyed by a rebound in rates of the larger capesize vessel segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 28 points, or about 1.9%, to 1,484 – its biggest daily percentage rise since March 14.
The capesize index added 104 points, or about 5.9%, to 1,856.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $868 to $15,396.2
Meanwhile, Singapore iron ore futures reversed course to fall on Thursday, pressured by weaker-than-expected demand for steel.
“The next week looks a bit sluggish looking at the cargo list, however, that could change quickly and the list of ships on its way to Brazil is not very significant, so sentiment can change over night,” shipbroker Fearnleys said in a weekly note referring to capesize segment.
The panamax index shed 22 points, or about 1.4% to its lowest since March 7 at 1,584.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $194 to $14,260.
Among smaller vessels, the supramax index lost 4 points to 1,333.