Baltic index rises as supramax rates scale record high
The Baltic Exchange’s main sea freightindex rose on Tuesday as another surge in supramax vessel ratescountered lower prices for the capesize and panamax segments.
The Baltic dry index, which tracks rates forcapesize,panamax and supramax vessels ferrying dry bulk commodities,gained 18 points, or 1.1%, to 1,727.
The capesize index slipped 79 points, or 4.7%, to1,594.
Average daily earnings for capesizes, which typicallytransport150,000-tonne cargoes such as iron ore and coal, fell $657 to$13,216.
Chinese iron ore futures dropped as much as 3.5% onTuesdayafter top steel-producing city Tangshan issued a second-levelpollution alert forcing mills to curb production.
The panamax index was down 15 points, or 0.6%, at2,306.
Average daily earnings for panamaxes, which usually carrycoalor grain cargoes of about 60,000 tonnes to 70,000 tonnes, lost$137 to $20,755.
The supramax index rose 146 points to 1,744, itshighestlevel as per Refinitiv Eikon records going back to April 2017.
Bullish momentum and tighter availability in key areas aresomeof the factors driving the rally in the supramax segment, AlliedShipbroking said in a weekly note.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing byAditya Soni)