Baltic Index Edges Up On Stronger Rates

The Baltic Exchange's main sea freight index rose on Thursday, helped by higher rates for capesize and supramax vessels.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 2 points, or 0.3%, to 633 - its highest level since Jan. 21.

The capesize index fell 5 points to -355.

However, average daily earnings for capesizes, which typically transport 170,000 tonne-180,000-tonne cargoes including iron ore and coal, rose by $122 to $2,692.

Steel mills and traders in China have a huge inventory of steel products that is growing, as demand is still recovering after the outbreak of the coronavirus pandemic.

The supramax index rose 10 points to 745 - its highest since Dec. 19.

The panamax index dropped 22 points, or 2.1%, to 1,035, marking its fourth straight session of losses.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, fell $197 to $9,314. 

(Reporting by Anjishnu Mondal in Bengaluru; Editing by Maju Samuel)