Baltic Index Logs Best Day Since July on Capesize Rates
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, on Monday recorded its biggest daily percentage jump in more than four-and-a-half months, buoyed by a surge in capesize rates.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, climbed 67 points, or 5.2%, to 1,351 points. The index posted its biggest daily percentage gain since July 4.
The capesize index rose 223 points, or nearly 9%, to 2,716, also registering its biggest percentage rise since July 4. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $1,585 to $20,515.
The supramax index rose 20 points to 767.
The panamax index inched lower by 10 points, or 0.9%, to 1,119 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, edged $80 lower to $8,988.
Reporting by Nakul Iyer