Higher vessel rates lift Baltic index to 10-1/2-year peak

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The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, gained on Wednesday to its highest since September 2010, as demand strengthened across vessel segments.

The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels rose 68 points, or 2.4%, to 2,957, a peak since mid-September 2010.

The main index extended its winning streak to an 11th straight session.

The capesize index were up 164 points, or 3.6%, at 4,680, its highest in more than one year.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, gained $1,363 to $38,816.

Benchmark iron ore futures in China fell on Wednesday after hitting historical highs in the previous session on expectations of price controls and steel output curbs.

The panamax index rose 34 points, or 1.3%, to 2,584.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, added $311 to $23,260.

The supramax index was up 11 points at 2,140.

Source: 
www.hellenicshippingnews.com
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