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Baltic index gains for 8th consecutive session on higher vessel rates

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, gained for the eighth consecutive session on Wednesday, lifted by higher rates for all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 113 points, or 3.8%, at 3,052 points. The index is at its highest since December 13.

The capesize index gained 295 points, or 8.5%, at 3,756 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $2,448 to $31,151.

Chinese iron ore futures jumped over 5% on Wednesday, after falling for three consecutive sessions, as hopes of demand recovery at mills rose, even as COVID-19-led lockdowns in the country disrupted economic activity.

The panamax index was up 39 points, or 1.2%, at 3,316 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $357 to $29,848.

Jordan’s state grains buyer purchased about 60,000 tonnes of milling wheat to be sourced from optional origins in a tender which closed on Wednesday, traders said.

Among smaller vessels, the supramax index rose 13 points to 2,759 points.
Source: Reuters (Reporting by Roshan Abraham in Bengaluru; Editing by Krishna Chandra Eluri)

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