Baltic index rises on stronger vessel rates across segments

The Baltic Exchange’s dry bulk sea freight index rose to an over one-week high on Tuesday, as vessel rates gained across all segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 80 points, or 5.6%, at 1,516 points, its highest since Jan. 26.

The capesize index added 229 points, or 10.7%, at 2,371 points, the highest in over three weeks.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $1,897 to $19,663.

Iron ore futures ended lower on Tuesday, dragged by diminishing pre-holiday restocking among steelmakers and the gloomy demand outlook in top consumer China, which is struggling with a property crisis and slumping stock market.

The panamax index was up 9 points, or 0.6%, to 1,428 points.

Average daily earning for panamax vessels, which usually carries about 60,000 tons to 70,000 tons of coal or grain cargo, was up by $83 at $12,851.

Yemen’s Iran-aligned Houthis fired missiles at two vessels in the Red Sea, they said on Tuesday, causing minor damage to a cargo ship that was sailing off the coast of Yemen’s Hodeidah.

Among smaller vessels, the supramax index gained 4 points at 1,041 points.
Source: Reuters (Reporting by Anushree Mukherjee in Bengaluru; Editing by Krishna Chandra Eluri)

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