Baltic index hits four-week high as rates climb across vessel segments

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to a four-week high on Friday,9 Feb, steered by higher rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 72 points, or 4.9%, at 1,545 points, the highest level since Jan. 11 and up 4.7% for the week.

The capesize index gained 185 points, or 8.4%, at 2,381 points, highest level in four weeks.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $1,531 to $19,746.

This week, war underwriters have raised the premiums for U.S., British and Israeli firms by as high as 50% for ships transiting the Red Sea, and some providers are avoiding such business due to targeting of the vessels by Yemen’s Houthis, sources said.

The panamax index was up 35 points, or 2.4%, to 1,509 points, hitting its highest level in one week.

Average daily earnings for panamax vessels, which usually carries about 60,000 tons to 70,000 tons of coal or grain cargo, was up by $312 at $13,581.

Among smaller vessels, the supramax index .BSIS gained 3 points at 1,053 points.