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Egyptian-Japanese Friendship Bridge suez canal ship shipping capesize bulk carrier

A capesize bulk carrier approaches the Egyptian-Japanese Friendship Bridge, aka Suez Canal Bridge. File photo by Aashay Baindur

Baltic Dry Index Soars to 18-Month High on Capesize Surge

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November 29, 2023

Nov 29 (Reuters) – The Baltic Exchange’s dry bulk sea freight index .BADI gained for the fifth consecutive session to hit an 18-month peak on Wednesday as rates climbed across vessel segments. 

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 305 points, or 12.8%, to 2,696 – its highest level since May 2022.

* The capesize index advanced to a near two-year high, adding 861 points, or 20.6% to 5,040.

* Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, gained $7,140 to $41,796.

* “Iron ore has seen the most significant increase this month…. The majority of these exports are being transported by capesize vessels,” shipbroker Intermodal wrote in a weekly note dated Tuesday. 

* “The impact of the Panama Canal restrictions has also been evident in the dry bulk sector.” 

* The Panama Canal, one of the world’s main maritime trade routes, announced on Friday it is launching a special auction slot on Saturday, as it battles a severe drought that has forced it to reduce daily ship crossings.

* The panamax index rose 25 points, or 1.2%, to 2,131 – its highest level in more than a year.

* Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $233 to $19,183. 

* Among smaller vessels, the supramax index was up 39 points or 2.3% to 1,360.

(Reporting by Hissay Ongmu Bhutia in Bengaluru)

(c) Copyright Thomson Reuters 2023.

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