Rising Capesize, Panamax Rates Buoy Baltic index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, climbed on Tuesday to its highest level since mid-October last year as rates for capesize and panamax vessels extended gains.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, added 44 points, or 3.2% to 1,418, a peak since Oct. 16, 2020.

The capesize index was up 91 points, or 4.5%, to 2,099, its highest in more than two months.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, gained $752 to $17,408.

China's iron ore futures advanced for a third straight session to a one-week high on Tuesday, as concerns over tight supply pushed spot prices of the steelmaking raw material further above $160 a tonne.

The panamax index rose 58 points, or about 4.3%, to 1,422, its highest since Dec. 17.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $529 to $12,801.

The supramax index edged 6 points lower to 1,022.

(Reporting by Bharat Govind Gautam in Bengaluru; editing by Uttaresh.V)