Baltic index rises for fifth straight day on strong capesize demand
The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, gained for the fifth straight session on Tuesday as capesize vessel rates rose.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 21 points, or 1%, to 2,179.
The capesize index was up 97 points, or 2.6%, to 3,888, its highest level since March 19.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $810 at $32,248.
Dalian iron ore futures rose on Tuesday, supported by bets of more stimulus in top consumer China.
The panamax index fell 22 points, or about 1.3%, to 1,640, its lowest level since April 10.
Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, declined $196 to $14,759.
Among smaller vessels, the supramax index fell 18 points, or 1.3% to 1,351.
Source: Reuters (Reporting by Anmol Choubey in Bengaluru; Editing by Shreya Biswas)