Baltic index scales 1-month high on firm rates for larger vessels

LONDON : The Baltic Exchange’s dry bulk sea freight index rose to a one-month high on Monday, buoyed by firm capesize and panamax vessels rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 27 points, or 1.8%, at 1,572 points, its highest since Jan. 10.

The capesize index added 72 points, or 3%, at 2,453 points, its highest in a month.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $595 to $20,341.

The panamax index hits a near two-week high, adding 17 points, or 1.1%, to 1,526 points.

Average daily earning for panamax vessels, which usually carries about 60,000 tons to 70,000 tons of coal or grain cargo, was up by $154 at $13,735.

Among smaller vessels, the supramax index lost 5 points at 1,048 points.

Yemen’s Iran-aligned Houthis have targeted a cargo ship in the Red Sea which shipping analysts said on Monday had been carrying corn to Iran.