Baltic Index Rises Alongside All Vessel Segments

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday as all vessel segments posted higher rates.

• The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, added 126 points, or 4.1%, to 3,189.

• The capesize index climbed 258 points, or 5.1%, to 5,340.

• Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, gained $2,342 to $44,930.

• Iron ore futures struggled for direction on Wednesday as traders weighed tighter supply stemming from lower shipments from Australia and Brazil against weak domestic steel demand in China. 

• The panamax index rose 94 points, or 4%, to 2,454.

• Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, gained $842 to $22,083.

• Among smaller vessels, the supramax index added 18 points, or 1.2%, to 1,553.

(Reuters)