Baltic index up for 8th session on robust rates for capesize vessels
The Baltic Exchange’s main sea freight index rose for an eighth straight session on Tuesday, supported by stronger rates for capesize and panamax vessels.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, increased 38 points, or 2.4%, to 1,606 points.
The capesize index gained 119 points, or 3.7%, to 3,350, its highest since Sept. 26.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased $709 to $25,202.
Higher demand from China for large-scale infrastructure projects could cause an increase in iron ore cargoes in 2020, Allied Shipbroking said in a note on Monday.
The panamax index gained 33 points, or 2.6% to 1,315 points, its highest in more than three weeks.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $264 to $10,532.
The supramax index edged up 6 points to 825 points, registering its tenth consecutive session of gains.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Maju Samuel)