Reuters has reported how the Baltic Exchange’s main sea freight index has recently edged higher as gains in the Panamax and Supramax vessel segments offset lower capesize rates.
The Baltic index, which tracks rates for capesize, Panamax and Supramax vessels that transport dry bulk commodities, rose by 9 points to 506 points.
The Panamax index climbed 24 points, or 3%, to 811 points, its highest since 21 January 2020.
The index registered its 13th straight session of gains.
Average daily earnings for Panamaxes, which usually carry coal or grain cargoes of about 60 000 – 70 000 t, increased US$215 to US$7302.
The Supramax index rose 19 points to 543.
Meanwhile, the capesize index fell 13 points to -239 points.
Average daily earnings for capesizes, which typically transport 170 000 – 180 000 t cargoes including iron ore and coal, declined by US$94 to US$2693.
The coronavirus outbreak has led to a reduction in shipping demand from China as the epidemic has forced authorities to shut factories and mills. Therefore, stockpiles at China’s ports fell further to 128.6 million t as of 21 February 2020, from 130.65 million t a week earlier, data compiled by SteelHome consultancy showed.
Read the article online at: https://www.drybulkmagazine.com/shipping/26022020/higher-rates-for-smaller-vessels-lift-baltic-index/
You might also like
Star Bulk has completed the second repurchase of 10 million of its common shares from Oaktree.