Capesize jump lifts Baltic index to one-week high
The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest in a week on Thursday, helped by a jump in the capesize segment.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, added 45 points, or 1.5%, to 3,103, its highest level since July 14.
The capesize index jumped 116 points, or 3.3%, to 3,629, its highest in a week.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore, rose by $963 to $30,098.
Chinese iron ore futures fell for a fourth consecutive session to their lowest levels in nearly three weeks on Thursday, on prospects of more imports of the steelmaking ingredient and as demand eased on the government’s decision to cut production.
The panamax index dropped 17 points, or 0.5%, to 3,560, the lowest in nearly a month.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, dropped by $153 to $32,042.
“A quiet market became even more so on Tuesday and Wednesday due to the Id holidays,” shipbroker Fearnleys said about the Panamax segment in its weekly report.
“However there seem to be a bit of optimism in the Pacific basin going forward. Period activity has been rather limited.”
The supramax index gained 35 points to 2,842.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Aditya Soni)