February 24, 2020 / 1:41 PM / a month ago

Higher rates for smaller vessels lift Baltic index

Feb 24 (Reuters) - The Baltic Exchange’s main sea freight index edged higher on Monday as gains in the panamax and supramax vessel segments offset lower capesize rates.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 9 points to 506 points.

* The panamax index climbed 24 points, or 3%, to 811 points, its highest since Jan. 21.

* The index registered its 13th straight session of gains.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $215 to $7,302.

* The supramax index rose 19 points to 543.

* Meanwhile, the capesize index fell 13 points to -239 points.

* Average daily earnings for capesizes, which typically transport 170,000 to 180,000 tonne cargoes including iron ore and coal, declined by $94 to $2,693.

* The coronavirus outbreak has led to a reduction in shipping demand from China as the epidemic has forced authorities to shut factories and mills.

* Stockpiles at China’s ports fell further to 128.6 million tonnes as of Feb. 21, from 130.65 million tonnes a week earlier, data compiled by SteelHome consultancy showed. (Reporting by Brijesh Patel in Bengaluru)

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