Soaring Capesize Rates Push Baltic Index Past 1,000

rio tinto capesize iron ore bulk carrier cape lambert
File Photo courtesy Rio Tinto

ReutersMarch 7 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, closed at a 12-week high on Tuesday on stronger rates across all vessel segments, especially capesizes.

The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, ended up 54 points, or 5.52 percent, at 1,033 points.

The capesize index surged 211 points, or 15.69 percent, to end at a six-week high of 1,556 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,427 to $11,866.

The panamax index closed up 40 points, or 3.47 percent, at 1,194 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $321 to $9,592.

Among smaller vessels, the supramax index rose nine points to finish at 861 points, while the handysize index rose nine points to finish at 477 points. (Reporting by Nithin Prasad in Bengaluru; Editing by Savio D’Souza)

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