Baltic index jumps over 7% on higher rates across vessel segments
The Baltic exchange’s main sea freight index jumped more than 7% on Thursday, propelled by strong gains across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 188 points, or 7.6%, at 2,669.
The capesize index rose by 411 points, or 16.5%, to 2,899, marking its biggest one-day percentage rise since Feb. 17.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, rose by $3,407 to $24,039.
Iron ore advanced on Thursday as benchmark steel futures in Shanghai rose for a second straight session, but gains were capped as top steel maker China reiterated its goal to rein in commodity inflation.
The panamax index gained 139 points, or 4.5%, at 3,204, its highest 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 $1,254 to $28,836.
The supramax index rose by 44 points to 2,552, the highest as per Refinitiv Eikon data going back to 2017.
Source: Reuters (Reporting by Nishara Karuvalli Pathikkal in Bengaluru; Editing by Amy Caren Daniel)