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Baltic index hits over five-month peak on strong capesize demand

The Baltic Exchange’s main sea freight index rose on Monday, hitting its highest in more than five months on gains in the capesize segment.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 25 points, or 0.8%, to 3,369 points, its highest since Dec. 8.

The capesize index rose 76 points, or 1.7%, to 4,602 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $631 at $38,169.

Benchmark iron ore futures in China surged some 7% tracking their biggest daily jump in two-and-a-half months, after India increased export duties on some commodities to rein in broadening inflationary pressures.

The panamax index fell 5 points, or 0.2%, at 3,377 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $48 to $30,392.

The supramax index rose 2 points to 2,818 points.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru;)

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