Strong demand for capesizes powers Baltic index to 13-year high
The Baltic Exchange’s main dry bulk sea freight index rose on Monday to its highest level in 13 years as a jump in capesize rates outweighed losses in the panamax and supramax segment.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 65 points, or 1.3%, to 5,267, its highest level since September 2008.
The capesize index rose by 223 points, or 2.5%, to 9,289, also scaling a 13-year peak.
The gains in capesizes are due to pandemic-elated congestion in China, increased coal imports and high iron ore exports, according to analysts.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $1,845 to $77,035.
The panamax index fell 31 points, or 0.8%, to 3,961, lowest in almost two weeks.
Average daily earnings for panamaxes, which ferry 60,000 tonne to 70,000 tonne coal or grain cargoes, decreased $281 $35,648.
The supramax index fell 2 points to 3,381.
Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Vinay Dwivedi)