Higher Capesize Rates Drive Baltic Index Higher
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday, aided by firm capesize rates.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, snapped a two-session losing streak after rising by 36 points, or 2.1%, to 1,737.
The capesize index added 136 points, or 5.5%, to hit 2,610- its highest level in nearly five months.
Average daily earnings for capesize vessels, which typically transports 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,125 to $21,645.
The Dalian Commodity Exchange and the Shanghai Futures Exchange will be closed from Sept. 29 to Oct. 8 for public holidays in China, the bourses said.
The panamax index edged down by 17 points, to 1,684. Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain cargo, decreased $146 to $15,159.
Among smaller vessels, the supramax index declined by 13 points to 1,263. Five more ships are on their way to Ukrainian sea ports using a new corridor opened to resume predominantly agricultural exports, an alternative arrangement to the Black Sea grain deal blocked by Russia, a top Ukrainian official said on Sunday.
(Reuters - Reporting by Daksh Grover in Bengaluru; Editing by Shailesh Kuber)