Baltic Index Rises to Highest in Six Weeks

The Baltic Exchange's main sea freight index rose to its highest since early November on Tuesday, helped by stronger rates across vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up by 38 points, or about 3%, at 1,273, its highest level since Nov. 2.

The capesize index rose 102 points, or 6.9%, to 1,583, its highest since Nov. 11.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, added $846 at $13,128.

Iron ore futures rose after a choppy session, supported by lingering supply concerns and strong manufacturing output data from China.

The panamax index rose by 6 points, or 0.4%, at 1,491, its highest in over three months.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, was up $53 to $13,415.

The supramax index edged up 8 points at 1,046, its highest since late October 2019.

(Reporting by Bharat Govind Gautam© Björn Wylezich / Adobe Stock; Editing by Krishna Chandra Eluri)