Baltic index climbs to more than 2-month high on firm vessel rates
The Baltic Exchange’s dry bulk sea freight hit a more than two-month high on Monday, on robust demand across all vessel segments.
The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, was up 94 points, or 4.3%, at 2,297 points, its highest since Dec. 15.
The capesize index .BACI gained 228 points, or 5.7%, to 4,205, also a more than two-month high.
Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $1,888 to $34,873.
Dalian iron ore futures prices extended their decline, dragged down by slow near-term demand recovery and growing doubts on mid-to-long-term prospects for the key steelmaking ingredient in top consumer China.
The panamax index .BPNI extended gains, adding 50 points, or 2.9%, to 1,773 points. It rose for a fifth straight session.
Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, was up $452 at $15,961.
Among smaller vessels, the supramax index .BSIS also scaled a two-month peak, gaining 15 points to 1,282 points.
Source: Reuters (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Mrigank Dhaniwala)