Baltic index hovers near three-month high as capesize rates jump

LONDON : The Baltic Exchange’s main sea freight index rose to its highest in close to three months on Thursday, propelled by higher rates in the capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 75 points to 2,091 points, hitting its highest since July 2.

The capesize index jumped 265 points to 3,580 points, its highest since early July.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $2,195 to $29,690.

The panamax index was down 45 points or 2.9% at 1,498 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $402 to $13,484.

Prices of iron ore futures extended gains into a third straight session on Thursday, after top consumer China’s pledge for more stimulus injected further confidence just as the last wave of monetary easing-led frenzy faded.

Among smaller vessels, the supramax index was down 3 points at 1,314.