Baltic Index Up for 24th Session
The Baltic Exchange’s main sea freight index rose for the 24th straight session on Wednesday, helped by a modest increase in capesize and supramax rates.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 4 points, or 0.2%, to 1,803.
The index has gained 65.4% so far this year, driven by a recovery in demand for iron-ore from China as industrial activity picked up amid easing coronavirus-induced lockdowns.
China’s factory activity grew at a faster clip in June after the government lifted coronavirus lockdown measures and ramped up support steps, a private business survey showed.
The Baltic capesize index fell 87 points, or 2%, to 4,233.
However, average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, rose by $82 to $30,939.
The panamax index fell 2 points to 1,255.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined $17 at $11,298.
The supramax index edged 3 points higher to 686.
(Reporting by Anjishnu Mondal; Editing by Maju Samuel)