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Baltic Index Gains On Stronger Capesize Demand

Maritime Activity Reports, Inc.

April 10, 2018

© Unkas / Adobe Stock

© Unkas / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose over two percent on Tuesday to mark its biggest one-day percentage gain in about seven weeks, helped by stronger capesize rates.
  • The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 22 points, or 2.31 percent, at 974 points.
  • This was the biggest one-day percentage gain for the index since Feb. 21.
  • The capesize index gained 76 points, or 8.9 percent, its biggest percentage rise since Jan. 24, to 930 points.
  • Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $598 at $7,950.
  • Iron ore shipments to China from Australia's Port Hedland terminal in March rose nearly 12 percent from a month earlier to 35 million tonnes, port data released on Monday showed.
  • The most-traded iron ore for September delivery on the Dalian Commodity Exchange closed up 2.7 percent at 451 yuan ($72) a tonne on Tuesday.
  • The panamax index was up four points, or 0.3 percent, at 1,319 points.
  • Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $36 to $10,595.
  • The supramax index fell eight points to 1,016 points.
 
Reporting by Harshith Aranya in Bengaluru

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