Baltic index up for tenth consecutive session on stronger capesize demand


The Baltic Exchange’s main sea freight index rose for a tenth-straight session on Wednesday, holding on to a near nine-year peak touched last week, helped by higher capesize demand.

The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 17 points, or 0.7%, to 2,518 points, a level last seen in November 2010.

The capesize index rose 181 points, or 3.7%, to 5,043 points, its highest since June 2010.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $495 to $38,014.

Chinese iron ore futures rose to a 3-1/2-week high on Wednesday, on hopes of stable demand as anti-pollution curbs were more lenient than expected.

The panamax index fell 11 points, or 0.5%, to 2,250.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $87 to $18,026.

The supramax index gained one point to 1,351.

Source from : Reuters