Baltic index rises as capesize segment logs gains

LONDON : The Baltic Exchange’s main sea freight index rose on Friday, supported by a strong rise in the capesize vessel segment.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 93 points to 1,785 points.

The capesize index rose by 293 points to 3,229 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $2,430 to $26,777.

Iron ore futures declined to their lowest level in nearly two months, weighed down by weakness in China’s property sector, stronger supply and prospects of reduced seasonal steel demand.

The panamax index lost 1 point to 1,212 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, shed $15 to $10,906.

Among smaller vessels, the supramax index lost 10 points to 1,019 points.