Baltic index inches up on increased capesize activity
| Date: Feb 8, 2018 |
| The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, crept higher on Wednesday on firmer capesize rates.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, inched up 2 points, or 0.18 percent, to end at 1,097 points. “Following seasonal weakness in the dry bulk sector resulting from the Chinese New Year, we believe the outlook for the dry bulk shipping market is both clear and bright,” analysts at Jefferies said in a note on Tuesday. The analysts noted “… improving global economic conditions, continued Chinese preference for high-quality dry bulk commodities, and minimal dry bulk carrier fleet growth in the coming years.” |
