Baltic Dry Index Rallies Past 1-Year High

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Oct 5 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to its highest in more than a year on Monday as demand for larger capesize and panamax vessels grinds higher.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 51 points, or 2.5%, at 2,071 points, the highest since late September 2019.

* The capesize index gained 148 points, or 3.7%, to 4,135 points, scaling to its highest since July 3.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,227 at $34,293.

* The capesize index has been gaining recently on higher iron ore demand from China, after the world’s top steel-making country opened up following months of lockdown.

* The panamax index was up 10 points, or 0.7%, at 1,383 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $88 to $12,443.

* Among smaller vessels, the supramax index fell 3 points to 988 points, while the handysize index fell 1 point to 592 points. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Maju Samuel)

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