Baltic index scales over two-week high as capesize demand jumps
The Baltic Exchange’s main sea freight index jumped to a more than two-week high on Tuesday as rates across vessel segments rose, led by capesize demand.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 50 points, or 3.8%, to 1,364 points.
The index gained for a fourth consecutive session.
The capesize index jumped 138 points, or 7.1%, to 2,078 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,140 at $17,229.
The panamax index was up five points, or 0.4%, at 1,326 points, marking its fifth straight session of gains.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $41 to $11,932.
Among smaller vessels, the supramax index rose 10 points to 960 points.
Source: Reuters (Reporting by Arundhati Sarkar in Bengaluru; Editing by Vinay Dwivedi)