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Baltic index logs monthly gain on strong capesize demand

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Friday to mark a monthly gain on the back of higher rates in capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 19 points, or 0.9%, to 2,050. The index rose 12.9% in June.

The capesize index climbed 72 points, or 2.1%, to 3,443, marking its highest level since May 9. The index recorded a monthly gain of 22.1%.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $603 at $28,557.

Iron ore futures prices edged higher on Friday and logged a weekly rise, boosted by the latest property stimulus and resilient demand for the key steelmaking ingredient in China, though lingering high stocks curbed gains

The panamax index fell 5 points, or about 0.3%, to 1,667. It lost 1.5% in June.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, declined $40 to $15,007.

Among smaller vessels, the supramax index was down 14 points at 1,385. The contract climbed 8.4% this month.

Yemen’s Houthis targeted vessel Seajoy in the Red Sea with a drone boat and a number of missiles and drones, the Iran-aligned group’s military spokesperson Yahya Saree said on Thursday.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas)

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