Baltic index gains as capesize rates soar to highest since 2010
The Baltic exchange’s main sea freight index rose on Tuesday, led by the highest capesize vessel rates in nearly 11 years.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, added 104 points, or 3.4%, to a near 11-year peak of 3,157.
The capesize index rose 284 points, or 5.8%, to 5,180, its highest level since June 2010.
In April, the index recorded its strongest performance since June last year, propelled mostly by rising iron ore demand from China.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $2,351 at $42,959.
The panamax index rose 52 points, or 1.9%, to 2,724.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, increased by $470 to $24,515.
The supramax index fell 14 points to 2,130.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Shailesh Kuber)