Capesize gains lift Baltic index to 1-week high

KAI DRY BULK MARKET
The Baltic Exchange’s dry bulk sea freight index rose to its highest in a week on Wednesday, helped by higher rates for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax vessels, increased by 56 points, or 2%, to 2,861.

The capesize index added 195 points, or 5.3%, to its highest since Nov. 1 at 3,870.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $1,624 to $32,099.

The capesize segment could find further support from expectations for increased congestion amid China’s cold wave, shipbroker Intermodal said in a weekly note dated Tuesday.

China’s weather agency on Sunday issued the winter’s first snowstorm orange alert, the second-highest level, while nationwide cold wave alarms fuelled concerns about traffic disruptions.

Meanwhile, Dalian iron ore futures hit a one-year low as demand worries intensified due to China’s curbs on its steel output and a worsening liquidity crisis in the country’s property sector.

The panamax index shed 5 points to 3,079.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, decreased by $51 to $27,708.

The supramax index decreased by 25 points to a six-month trough of 2,259.

Source: Hellenic Shipping News

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