Capesize gains buoy Baltic sea freight index
The Baltic Exchange’s main sea freight index edged up on Monday as a rise in capesize rates offset drops in the panamax and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 14 points, or 0.7%, to 2,081 points.
The capesize index rose for the third straight session, gaining 95 points, or 4.2%, to 2,365 points, its highest since July 1.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose$788 to $19,613.
India’s coal imports hit a record high in June despite high global prices, data from trade sources and Refinitiv showed, with shipments expected to increase in the next twelve months over orders by state-run Coal India.
The panamax index fell for the fifteenth consecutive session, shedding 51 points, or 2.3%, to a fresh low of 2,172 points in more than five months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased by $464 to $19,546.
Ukraine’s grain shipments in the first seven days of July, the first month of the new 2022/23 season, were down 30% year on year at 402,000 tonnes, the country’s agriculture ministry said.
The supramax index extended its losing streak since June 23, falling by 11 points to 2,152 points, its lowest since Feb. 10.
Source: Reuters (Reporting by Deep Vakil in Bengaluru)