Baltic Sea

Baltic freight index company on Panamax strength

The Baltic Exchange’s main sea freight index strengthened on Wednesday as a rise in rates for the panamax segment offset declines in larger capesizes.

The overall index, which includes rates for Capesize, Panamax and Supramax ships, rose 19 points, or about 1.7%, to 1,133 points.

The Capesize index fell 72 points, or around 10%, to 656 points.

Average daily earnings for capesizes, who typically haul 150,000-tonne cargo such as iron ore for making coal and steel used in construction, fell $595 to $5,442.

Meanwhile, China’s coal imports rose to their highest level this year in August as power generators sought additional supplies from abroad to meet rising electricity demand amid the heatwave.

The Panamax index rose for the fifth consecutive day, rising 164 points, or 11.6%, to 1,577 points, its biggest gain in nine months.

Average daily earnings for panaxes, which typically haul coal or grain loads of about 60,000 to 70,000 tons, rose $1,481 to $14,196.

Corn exports from top exporter Brazil were higher in September than in the same period last year.

The Supramax index, which has not gained a single day in two weeks, fell 5 points to 1,482.
Source: Reuters (reported by Harshit Verma in Bengaluru; edited by Anil D’Silva)