Baltic Dry Index jumps to nearly two-month high as capesize spot rates spike
Jul. 01, 2024 8:03 PM ET
ZIM Integrated Shipping Services Ltd. (ZIM) By: Carl Surran, SA News Editor
 bfk92/E+ via Getty Images
The Baltic Exchange's main sea freight index surged to its highest level in nearly two months on Monday, as spot rates for capesize vessels spiked to break through the $30K/day level.
The overall Baltic Dry index ( BDIY:IND), which factors in rates for capesize, panamax and supramax shipping vessels, closed +5.3% to 2,158, its highest mark since May 9, as the capesize index rallied 10.1% to 3,791, its best level since March 19.
Average daily earnings for capesize vessels were up $2,881 at $31,438, coming on the back of fixtures reported at rising rates in the Atlantic, with slower growth in the Pacific.
The panamax index fell 0.3% to 1,662, with average daily earnings for panamax vessels shedding $52 to $14,955; among smaller vessels, the supramax index dropped 1.2% to 1,369.
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