Baltic dry bulk sea freight index surges for sixth straight day, doubling in November to 18-month high.
Overall Index
The overall index .BADI, which factors in rates for capesize, panamax, supramax shipping vessels, was up 241 points or 8.9% at 2,937. It surged by more than 100% on the month, its best since June 2020.
The capesize index .BACI was up 589 points or 11.7% at 5,629, hitting an over two-year high and marking its best month since September 2022.
Note of Jefferies Analyst
“Seasonally higher iron ore demand has played a role but the fast-growing bauxite trade has tightened fleet capacity significantly,” Jefferies analyst Omar Nokta said in a note.
“The supply/demand balance is tighter than perceived, paving the way for higher rates and outsized earnings going forward.”
Shipping Market Insights
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $4,885 to $46,681.
Panamax:
The panamax index .BPNI was up 88 points or 4.1% at 2,219, gaining 45% in November to its highest level in more than a year.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $792 to $19,975.
Supramax:
Among smaller vessels, the supramax index .BSIS was up 65 points or 4.8% at a one-year peak of 1,425.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: XM
