Baltic index rises for 11th straight session on strong vessel rates
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for the11th consecutive session on Wednesday, supported by strong demand across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 58 points, or 3.8%, to 1,584, its highest level since May 11.
The capesize index added 125 points, or 6.4%, to 2,067, its highest level in almost three months.
Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,042 to $17,145.
“Recently, Capes have seen a boost on firmer activity in both the Atlantic and Pacific basins,” analysts at Jefferies said, referring to the capesize segment.
The panamax index rose 14 points to 1,707, its highest level since April 13.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, rose $123 to $15,361.
Iron ore prices edged up on Wednesday after trading in a tight range, as hints of economic stabilisation in China helped offset concerns about the world’s largest steel producer’s faltering housing sector.
Among smaller vessels, the supramax index added 38 points, or 3.0%, to 1,324.
The crew of a Togo-flagged general cargo ship bound for one of Ukraine’s Danube river ports were evacuated early on Wednesday after an explosion on board near the Romanian port of Sulina.
Source: Reuters (Reporting by Daksh Grover in Bengaluru; Editing by Tasim Zahid)