Baltic Index leaps 11 per cent
Chinese demand for coal boosts capesizes and main sea-freight index jumps to highest level in nearly three months.
Baltic Exchange’s dry-freight index has soared to its highest level since 14th October 2020, with Chinese demand for coal pushing capesize, panamax and supramax figures up 158 points or nearly 11 per cent. Baltic’s main index was also up by 17.6 per cent for the week and the capesize index rose 426 points or about 20 per cent, to 2,548, the highest peak since 15th October last year.
The index held at 27 per cent this week, which was its best showing in over three months. Averages for capsizes gained $3,533 to $21,131. Exceptionally cold weather in China has driven record demands for power, which have resulted in a sharp rise in figures.
The panama index also rose, from 55 points to 1,559, an increase of 3.7 per cent, its highest level since 2nd September 2020, and averages rose from 60,000 tonnes to 70,000 tonnes, gaining $498 to $14,031.
