Baltic Dry Index rises to Four-Week High on Broad-Based Vessel gains

LONDON : The Baltic Exchange’s main sea freight index, which tracks rates for vessels transporting dry bulk commodities, rose to a four-week high on Monday, supported by gains across all vessel segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, gained 120 points, or 7.2%, to 1,783 points, its highest level since June 18.

The capesize index rose 263 points, or 12.5%, to 2,367.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $2,180 to $19,633.

Iron ore futures edged higher, buoyed by strong China trade data, although gains were limited by production curbs in major steelmaking regions in the world’s second-largest economy.

The panamax index rose 89 points, or 4.8%, to 1,949, marking its highest level since June 18 last year.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, gained $801 to $17,544.

Among smaller vessels, the supramax index added 25 points, or 2.1%, to 1,244.
Source: Reuters