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Baltic index gains as capesizes hit one-month high

The Baltic Exchange’s main sea freight index gained on Thursday, driven by a jump in the capesize vessel segment to its highest level in a month.

The index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 60 points, or 1.9%, to 3,214, the highest since July 13.

The capesize index jumped 215 points, 5.6%, to 4,056, its highest since June 29.

“As cyclones in the Pacific are now coming to an end, it is expected that activity will pick up and rates will improve” shipbroker Fearnleys said in its research note on Wednesday.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, added $1,783, to $33,639.

The panamax index dropped 62 points, or 1.8%, to 3,342, its lowest since June 11.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped $556 to $30,078.

“It has been a slow week with less demand, especially in the Atlantic. Mid-week we see some fresh requirements, although index levels keep on sliding,” Fearnleys said about the panamax index.

The supramax index climbed 17 points to 2,928.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Aditya Soni)

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