- The Baltic Exchange’s main sea freight index rose on Wednesday, marking its second straight monthly gain.
- The rates for capesize vessels climbed higher on improved iron ore demand from China.
- The overall index, for capesize, panamax, supramax and handysize shipping vessels tracking rates for ships carrying dry bulk commodities, was up 67 points.
- In September, the main index has risen about 16%.
- The capesize index gained 220 points, or 7.7%, to 3,091 points, registering a 39.4% monthly gain.
Baltic index clocks second monthly gain as capesize rates improve, reports Diptendu Lahiri for the Yahoo Finance.
Capesize index
The capesize index gained 220 points, or 7.7%, to 3,091 points, registering a 39.4% monthly gain.
Average daily earnings
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,818 at $25,631.
“The Brazil to China route with iron ore is the main driver where it’s been a lot of activity with levels up 18% from last week,” ship broker Fearnleys said in a weekly note.
“For now, the market seems very solid and with a thin available tonnage list for Brazil it is expected to see further near-term improvement.”
Iron ore futures
Iron ore futures surged on Wednesday, with the Chinese benchmark jumping 5%, as the coronavirus outbreak on a bulk carrier at Australia’s Port Hedland reignited fears about supply disruptions.
Panamax index
The panamax index was down 17 points, or 1.2%, at 1,374 points, sliding 15% in the month.
Average daily earnings
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $149 to $12,367.
Supramax index
Among smaller vessels, the supramax index fell 4 points to 995 points.
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Source: Yahoo Finance
