Strong Capesize Rates Push Baltic Index Up By 61 Points

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A jump in capesize rates snap Baltic exchange’s main sea freight index 10-session losing streak on Wednesday, reports Yahoo Finance.

Main sea freight index

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, gained 61 points, or 2.5%, to 2,481.

Capesize Index

  • The capesize index rose by 95 points, or 4%, to 2,488.
  • Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, rose by $787 to $20,632.
  • Iron ore futures rose on Wednesday, with the Dalian benchmark contract climbing after a three-day slump, as worries over supply boosted prices of the steelmaking raw material.

Panamax Index

  • The panamax index gained 72 points, or 2.4%, to 3,065, its highest since May 12.
  • Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, went up by $642 to $27,582.

Supramax Index

  • The supramax index rose by 29 points to 2,508, its highest since May 25.

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Source: Yahoo Finance

 

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