Baltic exchange sea freight index hits 1-year high on Capesize rates

Posted on October 16, 2023   |  

The Baltic Exchange's primary sea freight index achieved a 1-year high, supported by improved capesize vessel rates.

The comprehensive index, which considers various shipping vessel types, increased by 3.2% to reach 1,991 points.

Capesize vessel rates showed remarkable growth, adding 176 points and surging by 5.3% to reach 3,485, marking its highest level since May 25, 2022.

Capesize vessels, often used for transporting significant cargo like iron ore and coal, witnessed a boost in average daily earnings of $1,456, reaching $28,901.

The Panamax index broke a 7-day downward trend, increasing by 0.9% or 14 points to reach 1,586. 

Average daily earnings for panamax vessels rose by $124 to reach $14,275. 

Meanwhile, the supramax index declined by 0.1%, marking an eleventh consecutive day of decrease.