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Baltic index hits one-month high on stronger rates across vessels

The Baltic exchange’s main sea freight index rose for the fourth straight session on Monday to its highest in a month, supported by higher rates across vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 87 points, or 3%, to a peak since May 13 at 2,944.

The capesize index rose by 197 points, or 5.9%, to 3,543.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, rose by $1,631 to $29,383.

The panamax index gained 41 points, or 1.2%, to 3,343, a peak since September 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 $369 to $30,087.

The supramax index rose 32 points to 2,624, the highest as per Refinitiv Eikon data available since 2017.
Source: Reuters (Reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Shinjini Ganguli)

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