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Baltic index nears 3-week high on demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index rose to a near three-week high on Wednesday, supported by higher rates for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 28 points, or about 2.1%, to 1,355, its highest since Nov. 11.

The capesize index (.BACI) added 54 points, or about 3.4%, to 1,643.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, increased $447 to $13,624.

The panamax index (.BPNI) was up 44 points, or about 2.9%, to 1,568, to mark its best day since Oct. 5.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $394 to $14,112.

The supramax index (.BSIS) shed 5 points to 1,172.
Source: Reuters

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