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Baltic index rises on higher demand for panamax vessels

by Bunkerist
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The main freight index of the Baltic Stock Exchange increased on Monday, as demand for supramax and panamax ships increased, but demand for capesize ships declined.

The Baltic dry cargo index, which tracks the rates of dry cargo ships and is based on capesize, panamax and supramax ships, has increased to its highest value since the end of September 2019, to 1,956.

Panamax index increased by 60 points to 1.376.

For panamaxes ships, which usually carry about 60,000 tons to 70,000 tons of coal or grain cargo, the average daily earnings increased by $ 547.

The Baltic capesize index fell 239 points to 4.071 and reached its lowest level since June 23.

Despite the decline, the average daily earnings increased for capesize vessels, typically carrying cargo from 170,000 tons to 180,000 tons, including iron ore and coal.

“We have seen high demand for capesize ships over the past three weeks, but now the Atlantic sea is full of ships and this index is falling,” said an Oslo-based maritime analyst.

The Capesize index has increased more than 127% so far this year, as demand for iron ore from China has increased.

Supramax index increased by 7 points.

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