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Baltic index rises as panamaxes mark best day in over 3 months

The Baltic Exchange’s main sea freight index rose to its highest level in three-weeks on Thursday, lifted by an improvement in shipping activity, with panamaxes posting their biggest daily percentage jump since mid-August.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels which ferry dry bulk commodities, rose 27 points, or 1.9%, to 1,467 points, its highest since Nov. 6.

The capesize index rose 12 points, or 0.4%, to its strongest level since end-Oct at 2,995 points.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $310 to $22,775.

China’s iron ore future prices rose on Thursday after Beijing announced plans to implement a series of stimulus measures to boost the economy that will help the construction sector.

The panamax index gained 46 points, or 4.1% to 1,167 points, to register its biggest one-day percentage gain since mid-August.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $358 to $9,360.

The supramax index inched up 11 points to 807 points, registering seventh consecutive sessions of gains.
Source: Reuters (Reporting by Anjishnu Mondal and Swati Verma in Bengaluru, editing by Ed Osmond)

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