Strong gains in larger vessel segments boost Baltic Exchange's Index

Posted on September 15, 2023   |  

The Baltic Exchange's primary dry bulk sea freight index has surged to its highest level in over 3 months, primarily due to significant gains in larger vessel segments.

This comprehensive index, encompassing Capesize, Panamax, and Supramax shipping rates, jumped 55 points (a 4.5% increase) to reach 1,290 points, marking its highest since May 24.

The capesize index continued its six-session ascent, climbing 86 points (6.5%) to reach 1,416.

Capesize vessels, known for transporting hefty 150,000-tonne commodity cargoes like iron ore and coal, saw daily earnings rise by $716 to $11,743.

The Panamax index also rose by 48 points (3.1%) to 1,623, its highest in over four months, with Panamax vessel daily earnings increasing by $434 to $14,610.