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Baltic index hits one-week high on strong capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, inched upwards on Wednesday, reaching a one-week peak due to rising rates in capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, climbed 11 points, or 0.61%, to 1,801.

The capesize index gained 76 points, or 2.84%, to 2,750.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes of iron ore and coal, among others, increased $630 to $22,808.

Iron ore futures slipped to a two-week low on Thursday, undermined by fears of falling demand in top consumer China after Beijing reiterated its stance on continuing to control crude steel output in 2024.

The panamax index fell for the fourth consecutive session, slipping 44 points, or about 2.50%, to 1,718, marking its lowest level since April 12.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, dipped $392 to $15,466.

Among smaller vessels, the supramax index declined for the twelfth consecutive session, easing 7 points, or 0.54%, to 1,286, its lowest level since April 15.

Yemen’s Houthis launched attacks on six ships in three different seas, the Iran-backed group said on Wednesday, including the Marshall Islands-flagged bulk carrier Laax that was damaged after reporting a missile strike off the Yemeni coast.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru)

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