On Robust Capesize Demand, Baltic Index Reaches A Five-Month High

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On Monday, the Baltic Exchange’s main marine freight index soared to its highest level in almost five months, thanks to rises in the Capesize class as reported by Yahoo.

Soared freight index

* The overall index, which factors in rates for Capesize, Panamax, supramax and handysize shipping vessels, gained 25 points, or 0.8%, to 3,369 points, its highest since Dec. 8.

* The Capesize index rose 76 points, or 1.7%, to 4,602 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $631 at $38,169.

* Benchmark iron ore futures in China surged some 7% tracking their biggest daily jump in two-and-a-half months after India increased export duties on some commodities to rein in broadening inflationary pressures.

* The panamax index fell 5 points, or 0.2%, at 3,377 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased from $48 to $30,392.

* The supramax index rose 2 points to 2,818 points. (Reporting by Rahul Paswan in Bengaluru;)

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Source: Yahoo

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