Baltic index edges up as capesize and supramax rates rise

The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, edged up on Wednesday, on higher rates for capesize and supramax vessel segments.

The main index BBDI, which tracks rates for capesize, panamax and supramax shipping vessels, added 8 points, or 0.4%, to 2,025 points, its highest since August 8.

The capesize index (.BACI) was up 19 points, or 0.6%, at 3,280.

Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, rose $158 to $27,206.

Dalian iron ore futures closed little changed, as investors grappled with reports of steel production curbs in northern China ahead of a military parade and signs of tightening global supply.

Among smaller vessels, the supramax index (.BSIS) added 7 points, or 0.5%, to 1,336. The index registered its ninth straight session of gains.

The panamax index (.BPNI) extended losses for a fifth straight session, down 1 point, or 0.1%, at 1,594. The index hit its lowest level since July 8.

Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, fell $17 to $14,342.

Source: Reuters