Baltic index up for second day on higher capesize rates

The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for a second straight session on Monday, helped by increased rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 2 points, or 0.1%, to 1,677.

The capesize index rose 24 points, or 1%, to 2,351.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $200 at $19,499.

Iron ore futures prices hit a two-week high, buoyed by an improved Chinese economic outlook following strong services data and continued stimulus expectations from the world’s biggest consumer.

The panamax index lost 8 points, or 0.5%, to 1,697, marking its lowest level in over three weeks.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, decreased $72 to $15,273.

Among smaller vessels, the supramax index was down 12 points, or 0.9%, to 1,330.
Source: Reuters (Reporting by Sherin Elizabeth Varghese in Bengaluru)