Panamax Jump Pushes Baltic Index To 3-Week High

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The Baltic Exchange’s main sea freight index hit a near three-week high on Monday, as the panamax index soared to its highest level in more than 9 months, reports Yahoo News.

What’s the scenario now?

  • The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up 5 points, or 0.3%, at 1,506, its highest in nearly three weeks.
  • The panamax index gained 37 points, or 2.4%, to 1,600, its highest in over 9 months.
  • Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $330 to $14,400.
  • The Baltic capesize index fell 26 points, or 1.1%, to 2,375.
  • Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, were down $215 at $19,697.
  • The supramax index edged up 12 points to 867.

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Source: Yahoo News

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