Rising rates send Baltic dry bulk index to 10-week peak
The Baltic Exchange’s main sea freight index (.BADI), tracking rates for ships carrying dry bulk commodities, rose for a fourth straight session on Wednesday, surging to its highest in 10 weeks on rising rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 131 points, or about 7%, at 1,996 points on its best day in about two weeks.
The capesize index (.BACI) also gained for a fourth straight session, adding 309 points, or 13.8%, at 2,553 points; its highest since July 25.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, (.BATCA) gained $2,564 at $21,175.
The panamax index (.BPNI) was up 95 points, or 4.5%, on its best day in three weeks, at 2,205 points; its highest in nearly three months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, (.BPWT) gained $860 at $19,847.
Among smaller vessels, the supramax index (.BSIS) rose eight points to a one-week peak of 1,676 points on its best day in seven.
Meanwhile, the World Trade Organization forecast a slowdown of global trade growth next year, citing sharply higher energy and food prices and rising interest rates, and warned of a possible contraction if the war in Ukraine worsens.