Baltic Dry Index rises to over 1-year high
The Baltic
Exchange’s main sea freight index tracking rates for ships ferrying dry bulk
commodities scaled an over one-year peak on Monday,22 March 2021 propelled by
higher rates across vessel segments, with panamax rates touching an over
10-year high.
* The Baltic dry
index, which tracks rates for capesize, panamax and supramax vessels, rose 38
points, or 1.7%, to 2,319, its highest since September 2019.
* The capesize
index advanced 38 points, or 1.6%, to 2,382.
*? Average daily
earnings for capesizes, which typically transport 150,000-tonne cargoes such as
coal and steel-making ingredient iron ore, rose $314 to $19,751.
* Markets eyed the
possibility of further production cuts in the top steel-producing city of
Tangshan in China, which accounts for more than half of the world’s steel output.
* Earlier this
month, China vowed to go after violators of air quality rules in its steel
industry.
* The panamax
index advanced 83 points, or 2.8%, to 3,058, its highest since August 2010.
* Average daily
earnings for panamaxes, which usually carry coal or grain cargoes of about
60,000 tonnes to 70,00 tonnes, rose $747 to $27,520.
