The Baltic Dry Index has crossed the 400 point benchmark on Wednesday reaching 401 points.
The main sea freight index of the Baltic Exchange, tracks rates for ships carrying dry bulk commodities. This dry index that plunged to as low as 298 points in February, rose on Wednesday supported by firmer rates across vessel segments.
Highlights:
- The overall index for capesize, panamax, supramax and handysize shipping vessels, was up three points to 401 points.
- The Capesize index was up 10 points reaching 196.
- Panamax and Supramax indexes were up by 3 and 4 points respectively, resulting in 458 and 468 points.
- Average daily earnings for capesizes that carry 150,000-tonne cargoes such as iron ore and coal, were up $11 to $2,005.
- Average daily earnings for panamaxes, that transport coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $29 to $3,673.
- The supramax index rose four points to 468 points.
- The handysize index was up two points at 266 points.
“Moreover, there is a reasonable expectation that the approaching peak harvest season will bolster demand for ships to carry grain and other commodities on international trade routes. This should boost the BDI further and, while shrinking demand for raw materials from China will continue to have an effect, the world will always need shipping to move its trade staples,” said Richard Greiner, Partner Moore Stephens.
Source: Reuters
