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Sunday, September 24, 2017

Baltic Index Gains Nearly 3 Percent

September 6, 2017

© Evren Kalinbacak / Adobe Stock

© Evren Kalinbacak / Adobe Stock

The Baltic Exchange's main sea freight index rose nearly 3 percent on Wednesday to post its biggest percentage rise in three weeks as rates for all vessel segments perked up.

The overall index tracking rates for ships carrying dry bulk commodities was up 35 points at 1,250 points.

The Baltic index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 2.88 percent to register its biggest one-day percentage rise since Aug. 17.

"Sentiment in the dry bulk market remains firm across the segments with rates continuing to edge higher thus far into the week," Clarksons Platou Securities analysts said in a note.

The capesize index gained 125 points, or 5.4 percent, to 2,438 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $864 at $18,231.

"Capesize average earnings have bumped up to around $18,200/day worldwide while Panamaxes have also continued to gain traction as activity levels remain strong in the Atlantic," the note said.

The panamax index was up 39 points, or 3.06 percent, at 1,314 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tons to 70,000 tons, increased $316 to $10,546.

Among indexes tracking rates for smaller vessels, the supramax index rose five points to 868 points, while the handysize index rose three points to 494 points.|
 
 
Reporting by Swati Verma in Bengaluru
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