Baltic Index Rises Slightly

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose further on Tuesday, propelled by higher rates for panamaxes and smaller vessels.

 

The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser rose three points to 332 points.

 

The index has marginally recovered after touching an all-time low of 290 points on Feb. 10.

 

The capesize index remained flat at 174 points, an all time low.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $29 to $2,327.

 

The dry bulk market is expected to remain under pressure due to weak demand for commodities, particularly from top global importer China.

 

The panamax index rose three points to 357 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $24 to $2,869.

 

Among smaller vessels, the supramax index gained six points to 345 points, while the handysize index rose three points to 217 points.


(Reporting by Kevin Jose in Bengaluru)