Baltic dry index hits near two-month high
The overall index, which includes rates for capesize, panamax, and supramax vessels, rose by 108 points or 5.3% from June 28 to reach 2,158 as of the latest update, marking its highest since May 9.
Specifically, the capesize index soared by 348 points or 10.1% on July 1 to 3,791, its peak level since March 19. Average daily earnings for capesize ships, known for transporting heavy cargoes like iron ore and coal weighing around 150,000 tonnes, increased by $2,881 to $31,438 per day.
This significant increase was largely fueled by strong freight demand from South Brazil and West Africa to the Far East, leading to a tightening of available ships.
Meanwhile in China, iron ore futures saw a continuous rise for four trading days lately, also boosting the capesize index to some extent.
On the Dalian Commodity Exchange, the most-traded iron ore contract for September delivery was 2.5% higher than the settlement price of June 28 when closing the daytime trading session of July 1.
In contrast, the panamax index dipped by 5 points or 0.3% to 1,662 on Monday. Average daily earnings for panamax vessels, which typically carry cargoes of 60,000-70,000 tonnes such as coal and grain, decreased by $52 to $14,955.
Similarly, the supramax index, reflecting rates for smaller vessels, declined by 16 points or 1.2% to 1,369 on the same day.
Written by Adele Pan, panqinjie@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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