March 12, 2020 / 2:29 PM / 20 days ago

Baltic index edges up on stronger capesize, supramax rates

March 12 (Reuters) - The Baltic Exchange’s main sea freight index rose on Thursday, helped by higher rates for capesize and supramax vessels.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 2 points, or 0.3%, to 633 - its highest level since Jan. 21.

* The capesize index fell 5 points to -355.

* However, average daily earnings for capesizes, which typically transport 170,000 tonne-180,000-tonne cargoes including iron ore and coal, rose by $122 to $2,692.

* Steel mills and traders in China have a huge inventory of steel products that is growing, as demand is still recovering after the outbreak of the coronavirus pandemic.

* The supramax index rose 10 points to 745 - its highest since Dec. 19.

* The panamax index dropped 22 points, or 2.1%, to 1,035, marking its fourth straight session of losses.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, fell $197 to $9,314. (Reporting by Anjishnu Mondal in Bengaluru; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below