The Baltic Exchange’s main dry bulk sea freight index extended its rally to a fresh 13-year peak on Thursday, reports Yahoo Finance.
Baltic freight index rise
The Baltic Exchange’s main dry bulk sea freight index extended its rally to a fresh 13-year peak on Thursday, as solid demand powered capesizes to their highest since 2008.
The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 3 points, or 0.1%, to 5,650, its highest since September 2008.
Capesize index
- The capesize segment added 10 points, or 0.1%, to 10,485, a more than 13-year high.
- Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $83 to $86,953.
- The massive push in the capesize segment has come “from an impressive increase in the Atlantic basin and backhaul segment,” ship broker Fearnleys said in a weekly note on Wednesday.
Supramax index
- The supramax index rose 16 points to 3,404, its highest in over one month.
- The panamax index, meanwhile, fell 19 points, or 0.5%, to 3,884, its lowest in three weeks.
Golden Week holiday in China
Despite the “rush in capesize rates,” the Golden Week holiday in China has led to a slow week for panamaxes, Fearnleys said in the note, with less demand also seen in the Atlantic, coupled with slipping rates in the eastern hemisphere.
Panamax index
- Average daily earnings for panamaxes, which ferry 60,000 tonne to 70,000 tonne coal or grain cargoes, decreased $177 $34,953.
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Source: Yahoo Finance
