Higher rates across vessels propel Baltic index to over 1-month high
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, scaled its highest in more than a month on Wednesday, supported by gains across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, added 37 points, or 1.1%, to 3,318 – a peak since July 1.
The capesize index rose 56 points, or 1.3%, to 4,302 points, registering its first gain in three days.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $459 at $35,675.
Chinese coking coal and coke futures ended higher on Wednesday, as a recent coronavirus outbreak in the country sparked supply concerns for the steelmaking ingredients.
The panamax index advanced 51 points, or 1.5%, to 3,358, the highest since July 28.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $456 to $30,222.
The supramax index rose 14 points to 2,983.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Aditya Soni)