Baltic index rises to near seven-week high on higher capesize rates

The Baltic Exchange’s main sea freight index climbed to its highest in nearly seven weeks on Wednesday, as rates for capesize vessels rose.

 

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, gained 23 points, or 1.8%, at 1,296, highest since Oct. 29.

 

The capesize index was up 84 points, or 5.3%, at 1,667, its highest level since Nov. 10, extending its winning streak to a fifth session.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $698 to $13,826.

 

Dalian iron ore breached the 1,000-yuan mark on Wednesday on optimism over demand for the steelmaking raw material and concerns over supply to top steel producer China from Australia.

 

The panamax index fell 25 points, or 1.7%, to 1,466, snapping a six-session winning streak.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $224 to $13,191.

 

The supramax index rose by 8 points to 1,054, its highest since Oct. 31 last year.

 

Source:Reuters

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