Sunday, December 1, 2024
Home Cargo Capesize Gains Lift Baltic Index to Over 2-month High

Capesize Gains Lift Baltic Index to Over 2-month High

by admin
0 comment
https://www.marinelink.com/news/capesize-gains-lift-baltic-index-month-499926

The Baltic Exchange’s main sea freight index jumped to a more than two-month high on Tuesday, propelled by gains across vessel segments, particularly the larger capesizes.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels ferrying dry bulk commodities, rose 77 points or 4.3% to 1,865 points, its highest since Aug. 1.

The capesize index gained 203 points, or about 10%, to also hit an over two-month high of 2,244 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal,gained $1,687 to $18,611.

“Higher rates for capesizes are notable as China’s Golden Week is underway, leading typically to softer overall spot volumes,” brokerage Jefferies said in a daily note.

The panamax index was up 28 points, or about 1.3 %, at 2,110 points, a near three-week high.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $246 to $18,987.

The Pacific basin remained considerably sluggish, while the Atlantic basin showed fixing activity supporting higher prices for the capesizes and good demand coming from grains for the panamxes, Allied Shipbroking said in a weekly note.

Russia’s grain harvest is set to grow by about 5 million tonnes a year, after its incorporation of four Ukrainian territories, Agriculture Minister Dmitry Patrushev said.

The supramax index .BSIS rose 5 points to 1,668 points.

The dry bulk index gaining month-on-month after touching an over two-year low in late August despite a tough steel market backdrop highlights “the tight supply balance of ships, which we expect will remain tight over the coming years due to stricter regulatory hurdles and a low newbuilding orderbook,” Jefferies said.

https://www.marinelink.com/news/capesize-gains-lift-baltic-index-month-499926

You may also like

About Us

CargoNewsToday.com is a blog about the latest developments in the global logistics and transport industry.

Document

@2024 – Cargo