Baltic index rises for fifth straight session on stronger panamax, supramax rates

LONDON : The Baltic Exchange’s dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, rose for the fifth straight session on Thursday, boosted by gains in panamax and supramax vessel segments.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 22 points to 793 points, an over two-week peak.

The panamax index gained 41 points to 1,029 points, its highest since January 8.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased by $364 to $9,259.

Among smaller vessels, the supramax index was up 30 points at 649 points.

Iron ore futures clawed back higher on Thursday, supported by a softer dollar and Australian supply snags, while investors looked for fresh developments surrounding the trade war between the United States and top consumer China.

The capesize index was steady at 812 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1 to $6,733.

Source: Reuters