Baltic index inches up as rates across vessel segments rise

The Baltic Exchange’s dry bulk sea freight index rose on Thursday, buoyed by an uptick in rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 6 points, or 0.4%, to 1,425.

The capesize index gained 11 points, or 0.9%, to 1,291.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $94 to $10,710.

“The Chinese New Year and the celebration of the Tiger has put a lid on activity levels, but expectations are positive for the near future when the holiday comes to an end,” shipbroker Fearnleys said in a weekly note, referring to the capesize segment.

The panamax index edged 6 points higher to 1,771, ending a seven-session losing streak.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $54 to $15,939.

The supramax index registered its first gain since Dec. 13, rising by 1 point to 1,571.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Vinay Dwivedi)