October 10, 2019 / 2:16 PM / 11 days ago

Baltic index hits two-week high as vessel activity picks up

Oct 10 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, hit a two-week high on Thursday, as vessel rates across the board continued to strengthen.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, gained 56 points, or 3%, to 1,929, highest since Sept. 26. The index is up for the fifth straight session.

* The capesize index jumped 111 points, or 3.5%, to 3,319, rising for a third straight session.

* The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $1,049 to $26,647.

* Despite weather and maintenance disruptions, coal and iron ore flows in the Pacific are clearly up, which is the "brightest spot" for the capesize segment, shipbroker Fearnleys said in a note on Wednesday.

* The panamax index climbed for a fifth straight session, up 47 points, or 2.5%, at 1,899.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $380 to $15,220.

* The supramax index rose 7 points to 1,211. (Reporting by Nakul Iyer in Bengaluru)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below