Baltic sea freight index up as capesize earnings move higher

By: | at 10:25 AM | Liner Shipping  

The Baltic Exchange’s main sea freightindex, which tracks rates for ships carrying dry bulkcommodities, rose on Tuesday as earnings for panamaxes andcapesizes jumped.

  • The overall index, which factors in the average dailyearnings of capesize, panamax, supramax and handysize dry bulktransport vessels, rose 54 points, or 2.47 percent, to 2,237points.
  • The Baltic’s capesize index climbed 180 points or4.70 percent, to 4,011 points.
  • Average daily earnings for capesizes, which typicallytransport 150,000-tonne cargoes such as iron ore and coal,gained $1,524 to $35,292.
  • The panamax index was up 42 points or 2.15 percentto 1,997 points. * Average daily earnings for panamaxes, which usually carry60,000- to 70,000-tonne cargoes of coal or grains, were up $335 to $15,950.
  • Shipments of iron ore account for about a third ofseaborne volumes on the larger capesizes, and iron ore pricedevelopments remain a key factor for dry freight.
  • Spot iron ore held near its highest level sincemid-August, reflecting sustained buying interest from Chinesesteel producers building stockpiles as colder weather curbsdomestic mining.