Baltic Index Gains On Higher Rates Across Vessel Segments

The Baltic exchange’s main sea freight index rose on Thursday, propelled by gains across vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 23 points, or 0.8%, to 2,824.

The capesize index rose 29 points to 3,814, snapping a seven-session long streak of declines.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased by $242 to $31,634.

Chinese iron ore and steel futures led a selloff across the nation’s metals complex on Thursday after the government sought stricter oversight of commodity markets to curb exorbitant prices.

The panamax index increased by 13 points, or 0.5%, to 2,870.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose by $125 to $25,834.

The supramax index was up 30 points at 2,374.
Source: Reuters (Reporting by Seher Dareen in Bengaluru; Editing by Amy Caren Daniel)

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