Baltic Index Gains On Stronger Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose over two percent on Tuesday to mark its biggest one-day percentage gain in about seven weeks, helped by stronger capesize rates.
- The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 22 points, or 2.31 percent, at 974 points.
- This was the biggest one-day percentage gain for the index since Feb. 21.
- The capesize index gained 76 points, or 8.9 percent, its biggest percentage rise since Jan. 24, to 930 points.
- Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $598 at $7,950.
- Iron ore shipments to China from Australia's Port Hedland terminal in March rose nearly 12 percent from a month earlier to 35 million tonnes, port data released on Monday showed.
- The most-traded iron ore for September delivery on the Dalian Commodity Exchange closed up 2.7 percent at 451 yuan ($72) a tonne on Tuesday.
- The panamax index was up four points, or 0.3 percent, at 1,319 points.
- Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $36 to $10,595.
- The supramax index fell eight points to 1,016 points.
Reporting by Harshith Aranya in Bengaluru
