Baltic index rises as capesize segment logs gains

LONDON : The Baltic Exchange’s dry bulk sea freight index rose on Tuesday, buoyed by rising rates across the capesize vessel segment.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 31 points to 1,405 points.

The capesize index rose 118 points to 1,967 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $978 to $16,310.

Iron ore futures climbed to their highest levels in more than two weeks, underpinned by growing optimism over further stimulus from top consumer China, although fundamentals of the key steelmaking ingredient remained weak.

The panamax index lost 4 points to 1,191 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $36 to $10,722.

Among smaller vessels, the supramax index lost 18 points to 1,136 points.