Baltic Index Rises For Ninth Consecutive Session

The Baltic Exchange’s dry bulk maritime freight index, which tracks rates for vessels transporting dry bulk commodities, rose for the ninth consecutive session on Tuesday and hit its highest level in two years, driven by firmer rates for capesize and panamax vessels.

The main index, which takes into account capesize, panamax and supramax cruise ship rates, rose 14 points, or 0.6%, to 2,309 points, its highest level since March 2024. The index posted its ninth straight session of gains.

The capesize index rose 30 points, or 0.8%, to 3,730 points, touching its highest level in almost four months.

Average daily earnings for large vessels, which typically carry 150,000 tonnes of cargo such as iron ore and coal, increased by $253 to $30,938.

Iron ore futures rose on Tuesday as China’s proposed port fee cuts are expected to discourage long-term stockpiling.

The Panamax index rose 13 points or 0.7% to 1,957 points, rising for the fifth straight session.

Average daily earnings for Panamax vessels, which typically carry 60,000-70,000 tons of coal or grain, increased by $117 to $17,615.

Among small vessels, the supramax index fell 1 point, or 0.1%, to 1,431 points.
Source: Reuters