Baltic Dry Index Rises on Demand For Panamax and Smaller Vessels

March 18 (Reuters) – The Baltic Exchange’s principal sea freight index, which tracks charges for ships carrying dry bulk commodities, was lifted on Wednesday by increased demand for panamax and smaller vessel segments.

The index, which elements within the common each day earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was up three factors, or 0.53 p.c, at 571 factors. The index has fallen about 26 p.c up to now this yr.

The panamax index rose 9 factors, or 1.51 p.c, to 604 factors.

Average each day earnings for panamaxes, which normally carry 60,000 to 70,000-tonne cargoes of coal or grains, elevated by $67 to $4,837.

The capesize index fell 9 factors, or 2.46 p.c, to 357 factors.

Average each day earnings for capesizes, which usually transport 150,000-tonne cargoes resembling iron ore and coal, fell $71 to $3,793.

“That capesizes have been unable to catch a break so far is causing further worries across the (drybulk) market,” Greek dealer Intermodal mentioned in a report Tuesday.

Intermodal mentioned that contemporary inquiries for capesize vessels have been restricted throughout each the Atlantic and Pacific basins and it expects the detrimental sentiment to proceed to have a powerful affect on each the paper and bodily markets.

The indices for the comparatively smaller vessels — handysize and supramax — have been up three factors at 378 factors and 7 factors at 623 factors respectively.

Average each day earnings for supramax vessels rose $65 to $6,511, whereas earnings for handysize vessels gained $58 to $5,554. (Reporting By Nallur Sethuraman in Bengaluru; Editing by David Goodman)