Baltic Index Gains for Fifth Session

The Baltic Exchange's main sea freight index rose for the fifth straight session on Thursday, supported by an uptick in demand across all vessel segments.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 15 points, or 3.2%, to 480.

The capesize index gained for a third straight session, up 9 points but still at -232.

"The worst may just about be over for the big ships," ship broker Fearnleys said in a note on Wednesday.

"Average nominal daily earnings still admittedly unchanged w-o-w, but sentiment turning to careful optimism and Far East cargo flows in particular increasing somewhat."

Shipping demand from China continued to be subdued as the coronavirus outbreak has forced authorities to shut factories and mills.

Average daily earnings for capesizes, which typically transport 170,000 to 180,000 tonne cargoes including iron ore and coal, rose $22 to $2,735.

The panamax index rose 33 points, or 4.6%, to 755, the highest since Jan. 22.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $300 to $6,796.

The supramax index rose 16 points to 505. 

(Reporting by Brijesh Patel in Bengaluru; Editing by Shinjini Ganguli)