Strengthening rates across vessels steer Baltic index higher

The Baltic Exchange’s main sea freight index rose on Monday for a fifth straight session, helped by higher rates for all vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 21 points, or 1.8%, at 1,169, its highest level since Nov. 10.

The capesize index rose by 15 points, or more than 1%, at 1,450.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, gained $124 to $12,021.

Chinese coking coal futures rose 4% on Monday, as stringent inspections on domestic mines and tightening imports fuelled supply concerns, while expectations of restocking demand also supported prices.

The panamax index climbed 31 points, or 2.3%, at 1,384, a peak since Oct. 14.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $280 to $12,456.

The supramax index rose by 22 points to 952, its highest since Oct. 29.
Source: Reuters (Reporting by Bharat Gautam in Bengaluru; editing by Uttaresh.V)