Baltic index rises on firmer vessel rates
The Baltic Exchange’s main sea freight index gained on Wednesday, on robust demand across all vessel segments.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 88 points, or 5.4%, to 1,705, its highest since Oct. 31.
The index has soared more than four-fold after slipping to a low of 393 points in May, after coronavirus-induced lockdowns hammered global trade and vessel demand.
The Baltic capesize index gained 213 points, or 5.4%, to 4,189, its highest since Sept. 18.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, rose by $1,985 to $28,657.
The panamax index gained 23 points, or 1.9%, to 1,245.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $205 to $11,202.
The supramax index was up by 7 points at 674.
Source: Reuters (Reporting by Nakul Iyer in Bengaluru; Editing by Shailesh Kuber)