Baltic index rises as rates firm across all vessel segments

The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, rose on Wednesday, buoyed by firmer rates across all vessel segments.

The main index BBDI, which tracks rates for capesize, panamax and supramax shipping vessels, added 73 points, or 3.8%, to 1,994 points. On Tuesday, the contract hit its lowest level since July 16. The capesize index (.BACI) was up 181 points, or 6%, at 3,187. Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes such as iron ore and coal, rose $1,505 to $26,434. Iron ore futures ticked down, as concerns of demand languishing in coming weeks in top consumer China and some investors liquidating positions to shift their focus to coking coal weighed. The panamax index (.BPNI) snapped a 15-session losing streak, up 18 points, or 1.1%, at 1,643. Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000-70,000 tons of coal or grain, rose $166 to $14,791. Among smaller vessels, the supramax index (.BSIS) added 21 points, or 1.6%, to 1,300, its highest level since July 23. Source: Reuters