Propelled by strong demand across capesize and panamax vessel segments, the Baltic Exchange’s main sea freight index climbed to a near two-week high, reports Reuters.
- The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 90 points, or 5.1%, to 1,864 points, a high since July 31.
- The capesize index added 188 points, or 5.8%, to 3,454 points, its highest in more than a week.
- Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $1,702 to $26,112.
- The panamax index was up 67 points, or 3.5%, at 1,999 points, its highest since July 30.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $543 to $15,983.
- “Soybean imports from South America and coal imports have experienced a significant surge during the past month and are likely to continue on this trend through August and possibly even parts of September,” Allied Shipping added.
- Global commodities trader Luis Dreyfus Co is prepared for another unusually strong second half for Brazil’s soy exports to Asia as the U.S.-China trade war drags on, with Argentina poised to profit as well this year, a senior executive told Reuters.
- The supramax index was up 17 points to 992 points. (Reporting by Shreyansi Singh in Bengaluru; Editing by Shailesh Kuber).
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Source: Reuters
