August 15, 2019 / 1:54 PM / 2 months ago

Baltic index extends gains on capesize strength

Aug 15 (Reuters) - The Baltic Exchange’s main sea freight index rose for a sixth straight session on Thursday, boosted by strong demand for capesize vessels.

* The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 97 points, or 5%, to 2,047 points.

* The capesize index gained 179 points, or 5%, to 3,767 points, its highest in three weeks.

* “Confidence regained for the big ships after a brief nervous period... Considerable geographical bunker differentials and weather issues cause tonnage supply disruptions, whilst iron ore prices are up and all major miners needing/taking prompt units,” shipbroker Fearnleys said in a weekly report.

* Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $1,647 to $29,102.

* The panamax index was up by 61 points, or 2.9%, at 2,150 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $490 to $17,198.

* “Rates have been increasing in both hemispheres for a good week by now, as we see additional cargoes constantly emerging in the market,” Fearnleys added.

* The supramax index rose 48 points at 1,070 points. (Reporting by Shreyansi Singh in Bengaluru;)

Nuestros Estándares:Los principios Thomson Reuters
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