Baltic Index gains as Capesize rates rise

LONDON : The Baltic Exchange’s dry bulk sea freight index rose on Thursday, supported by gains in the capesize vessel segment.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 24 points to 1,451 points.

The capesize index rose 102 points to 2,162 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $844 to $17,930.

Iron ore futures recovered as Donald Trump winning the U.S. presidential election heightened hopes that top consumer China would unveil stronger stimulus measures to offset any impact from a potentially wider trade war.

The panamax index lost 7 points to 1,178 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $63 to $10,599.

Among smaller vessels, the supramax index lost 20 points to 1,098 points.