Baltic index nears 5-month peak on stronger rates across vessels
The Baltic Exchange’s main sea freight index rose to a near five-month high on Tuesday, as rates rose for all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 108 points, or 3.8%, to 2,939 points, the highest since Dec. 13.
The capesize index rose 276 points, or 8.7%, to 3,461 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $2,291 to $28,703.
Meanwhile, Chinese iron ore futures dropped to 7% on Tuesday to touch their lowest in nearly two months, fueled by concerns of higher interest rates and still-stagnant demand at home.
The panamax index gained 44 points, or 1.4%, to 3,277 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $398 to $29,491.
The supramax index was up 14 points at 2,746 points.
Source: Reuters (Reporting by Roshan Abraham in Bengaluru)