Baltic index gains on higher rates across vessels
The Baltic exchange’s main sea freight index rose for the fifth straight session on Tuesday, supported by stronger rates across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 81 points, or 2.8%, to 3,025.
The capesize index rose by 152 points, or 4.3%, to a three-week high at 3,695.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, rose $1,257 to $30,640.
Benchmark iron ore futures on the Dalian Commodity Exchange , for September delivery, edged up 0.9% on Tuesday.
The panamax index gained 64 points, or 1.9%, to 3,407, a peak since June 2010.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, went up by $577 to $30,664.
The supramax index rose 43 points to 2,667, the highest as per Refinitiv Eikon data available since 2017.
Source: Reuters (Reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Shinjini Ganguli)