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Freight

Baltic Dry Index Extends Rally Surging 10% – gCaptain

Jan 11 (Reuters) – The Baltic Exchange’s main sea freight index climbed about 10% to its highest level in three months on Monday as soaring coal demand from China continued to power capesize rates higher.

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, jumped 155 points, or about 9.7%, to 1,761, its highest since mid-October last year.

* The capesize index gained 407 points, or about 16%, to 2,955, its highest since Oct. 13, 2020.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $3,376 to $24,507.

* “Increased demand for coal from Indonesia going into China has definitely boosted the rates in the Pacific,” Rebecca Galanopoulos Jones, head of research at Alibra Shipping, said.

* Last week, record cold weather in China resulted in a massive increase in power demand.

* Increased Chinese demand for Brazil’s iron ore has been the cause for optimism going through to the smaller sizes like panamax vessels, Jones added.

* The panamax index gained 61 points, or 3.9%, to 1,620, its highest level since late-August last year.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $550 to $14,581.

* The supramax index gained 10 points to 1,039, an over three-week high. (Reporting by Bharat Govind Gautam in Bengaluru; editing by Uttaresh.V)

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