Baltic index hits four-week high on Capesize gains
The Baltic Exchange’s main sea freight index hit a four-week high on Tuesday, boosted by gains in the capesize segment, while panamax fell for a fourth straight session.
The overall index, which takes into account fares for capesize, panamax and supramax transport vessels, rose 48 points, or 2.04%, to 2,404 points, its highest since March 29.
The capesize index gained 166 points, or 8.3%, to 2,169 points, the highest for more than a month.
Average daily earnings for capesizes, which typically carry 150,000-tonne cargo such as iron ore and coal, rose from $1,382 to $17,991.
Chinese stainless steel futures fell for a second straight session on Tuesday, following a sharp drop in the price of its raw material, nickel, while poor downstream consumption due to the COVID situation -19 also rattled sentiment.
The panamax index fell 48 points, or 1.6%, to 2,919 points.
Average daily earnings for panamaxes, which typically carry coal or grain cargoes of around 60,000 to 70,000 tons, fell from $430 to $26,273.
Jordan’s state grain buyer made no purchases in an international tender for 120,000 tonnes of feed barley that closed on Tuesday, European traders said.
The supramax index rose 15 points to 2,714 points.
Source: Reuters (Reporting by Roshan Abraham in Bengaluru; Editing by Devika Syamnath)