Baltic index rises on stronger vessel rates across segments

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the sixth consecutive session on Thursday, as vessel rates gained across all segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 70 points or 4.2% to 1,758.

The capesize index rose to its highest in three weeks, adding 90 points or 3.5% to 2,664.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $746 to $22,096.

Dalian iron ore futures fell as Chinese authorities intervened to control soaring prices and weak property data fuelled concerns about demand from the key steel-consuming sector.

The panamax index rose 107 points or 6.3% to 1,800, highest since mid-April.

Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, was up $955 to $16,196.

Among smaller vessels, the supramax index climbed to its highest in three weeks, adding 37 points or 3.3% to 1,178.
Source: Reuters (Reporting by Tina Parate in Bengaluru; Editing by Tasim Zahid)