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Baltic index up as capesizes hit six-week high

The Baltic Exchange’s dry bulk sea freight index rose for a third straight session on Thursday, helped by stronger demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 12 points, or about 0.9%, to 1,385, its highest in four weeks.

The capesize index (.BACI) gained 40 points, or 2.5%, to 1,675, its highest since Oct. 27.

Average daily earnings for capesize (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, increased $327 to $13,888.

“The spot in the Pacific has recently been showing some positive signs,” shipbroker Fearnleys said in its weekly note, referring to the capesize segment.

Iron ore futures rebounded on Thursday as higher imports into China suggested improving demand, with easing COVID-19 restrictions in the country boosting hopes for a rise in consumption.

The panamax index (.BPNI) was up 2 points at 1,661, extending its gain for an eleventh straight session.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $15 to $14,950.

The supramax index (.BSIS) shed 5 points at 1,153.
Source: Reuters

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