Baltic index hits over one-month high on rising vessel rates
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 19 points or 1.2% compared to February 16, mainly due to rising rates of all vessel segments.
For example, the capesize index gained 9 points or 0.4% from last Friday to reach 2,457 points on Monday, while the panamax index also rose for a tenth straight session by 35 points or 2.1% to hit a three-week high of 1,681 points. For smaller vessels, the supramax index over the same period climbed 19 points to reach 1,090 points, the highest since January 11.
The rises in vessel rates were mainly attributed to the active forward freight agreements (FFA) market as well as the previous inclement weather that impacted ship turn-around time, a Shanghai-based analyst pointed out. Higher marine fuel oil prices also lent some support to the index somewhat, he added.
On February 19, the Far East Dry Bulk Index (FDI) for capesize carriers covering vessels carrying iron ore from West Australia's Dampier Port to East China's Qingdao Port, also touched a 1.5-month high of $9.9/tonne, up by a significant $1.3/t or 15.2% from February 9 - the Chinese New Year's Eve, Mysteel Global learned.
Written by Adele Pan, panqinjie@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
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