Stronger rates lift Baltic index to near 11-year peak
The Baltic exchange’s main sea freight index rose on Wednesday, its highest since mid-2010, boosted by gains across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose by 109 points, or 3.5%, to 3,266, its strongest level since June 2010.
The capesize index rose 224 points, or 4.3%, to an over 11-year high of 5,404.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $1,858 at $44,817.
“The dry bulk market continues its strong performance this year, supported in part by strong demand from grains trade, with the U.S. providing plenty of support,” said Peter Sand, chief analyst for shipping association BIMCO, in a note.
The panamax index rose 124 points, or 4.6%, to an over one-month high of 2,848.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, increased by $1,119 to $25,634.
The supramax index was up by 5 points to 2,135.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Shailesh Kuber)