Gains for larger vessels perk up Baltic dry bulk index

The Baltic Exchange’s dry bulk sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by gains in the capesize and panamax segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 32 points, or 1.7%, to 1,875.

The capesize index (.BACI) rose 61 points, or about 2.8%, to 2,247.

Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore used in construction, were up $498 to $18,631.

Meanwhile, Dalian iron ore slumped to its weakest in six weeks while futures in Singapore hit the lowest this year, as miner Vale SA’s higher third-quarter output of the steelmaking ingredient added pressure on already depressed prices.

The panamax index (.BPNI) rose 48 points, or 2.3%, to 2,136.

Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $424 to $19,220.

The supramax index (.BSIS) was unchanged at 1,678.
Source: Reuters