Summary: The Baltic Exchange’s dry bulk freight benchmark moved higher on Tuesday, propelled by stronger capesize and panamax rates. The main Baltic index rose 94 points to 3,085 as capesize earnings jumped and panamax rates firmed.
The Baltic Exchange’s primary dry bulk index, which aggregates rate movements for capesize, panamax and supramax vessels, increased by 94 points, or 3.1%, reaching a level of 3,085 on Tuesday. The rise was driven by gains in the larger vessel classes.
Capesize performance
The capesize sub-index recorded a 240-point increase, or 4.9%, to 5,194. Average daily earnings for capesize vessels - ships that typically carry about 150,000-ton cargoes such as iron ore and coal - climbed by $2,174 to $43,602 per day. The report links the rise in capesize earnings to higher Chinese coking coal and coke prices, which reached their strongest levels since late 2024.
Panamax movement
The panamax index also moved higher, adding 35 points, or 1.6%, to finish at 2,258. Together with the capesize gains, the panamax uptick helped push the main Baltic index upward for the session.
Context and immediate drivers
The documented increase in Chinese coking coal and coke prices is cited as a contributing factor for the capesize earnings improvement. Capesize vessels are commonly used to transport large bulk cargoes such as iron ore and coal, linking their earning potential to shifts in demand or pricing for those commodities.
Market takeaway
The session saw a broad-based advance across the larger dry bulk vessel classes, with capesize moves particularly pronounced in both points and dollar-earnings terms. Panamax rates provided additional support to the main index, which tracks multiple vessel categories including capesize, panamax and supramax.
Note: The article is limited to the figures and relationships reported for the day, including index point changes, levels and the cited link between capesize earnings and rising Chinese coking coal and coke prices.