Baltic Dry Index hits 10-week high Ship’s crew

Reuters

March 6 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk cargo, rose to its highest level since late December on Monday, helped by stronger rates in the capesize and panamax segments.

* The composite index, which includes rates for capesize, panamax and supramax shipping vessels, rose 47 points, or about 3.9%, to 1,258, the highest since December 23.

* Among other ship segments, the Capesize Index rose 134 points, or 11.2%, to its highest level in almost eight weeks at 1,329.

* The average daily earnings for capesizes, which typically haul 150,000-ton loads such as iron ore and coal, increased $1,116 to $11,026.

* Meanwhile, iron ore futures in Dalian and Singapore weakened after China’s state planner said last week he was seeking expert advice on policy measures to deal with the recent surge in commodity prices.

* The Panamax index rose 17 points, or about 1.1%, to 1,582, its highest level since December 21.

* Average daily earnings for panaxes, which typically carry coal or grain loads of about 60,000 to 70,000 tons, increased $153 to $14,240.

* For smaller vessels, the Supramax Index fell 9 points to 1,180.

(Reporting by Ananya Bajpai in Bengaluru; Editing by Shailesh Kuber)

(c) Copyright Thomson Reuters 2023.

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