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Higher capesize rates lift Baltic index to 2-week high

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, advanced on Monday, supported by improved demand for capesize vessels.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 60 points, or 2.9%, at 2,145, its highest level since March 29.

The capesize index jumped 249 points, or 8.6%, to a three-month peak of 3,132.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, gained $2,065 to $25,976.

The panamax index fell 75 points, or 3.7%, to 1,928, its lowest since Feb. 11.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, were down $674 at $17,352.

The supramax index slipped 6 points to 1,774.
Source: Reuters (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Maju Samuel)

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