Baltic Index Up for Again on Firmer Capesize Demand
The Baltic Exchange's main sea freight index rose for a ninth-straight session on Tuesday, holding on to a near nine-year peak touched last week, helped by stronger capesize demand.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 59 points, or 2.4%, to 2,501, a level last seen in November 2010. The capesize index rose 203 points, or 4.4%, to 4,862 points, its highest since June 2010.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $1,418 to $37,519.
Chinese iron ore futures rose more than 4% on Tuesday, extending gains into a fourth session, as steel mills restocked raw materials.
The panamax index fell one point to 2,261. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $3 to $18,113.
The supramax index gained four points to 1,350.
Reporting by Anjishnu Mondal