Baltic Index Steady As Firmer Panamax, Supramax Rates Offset Dip In Capesize
The Baltic Exchange’s main sea freight index was little changed on Wednesday as higher panamax and supramax vessel rates offset weaker capesize prices, which hit a 6-month low.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, inched up by 1 point, or 0.1%, to 1,122.
The capesize index was down 38 points, or about 3%, at 1,241, its lowest level since June 10.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell by $312 to $10,295.
Falling imports and intensifying safety investigations helped Chinese coking coal futures close up 6% at a record high on Wednesday, as they fuelled concerns over supply of the steelmaking ingredient.
The panamax index rose 44 points, or 3.3%, to 1,388, a peak since Dec. 1.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $399 at $12,494.
The supramax index gained 5 points to 1,017, a one-week high.
Source: Reuters (Reporting by Bharat Gautam in Bengaluru; Editing by Krishna Chandra Eluri)