Rates for Baltic Capesize vessels rose to a four-month high last week due to high coal demand in the Pacific and Atlantic basins. Demand for coal shipments from the US to northwest Europe, the Mediterranean, India and other Asian destinations together with support from the larger capsize sector have strengthened the market. The Baltic Baltic Capesize Index, which tracks rates for 60,000-80,000 deadweight metric tonnes vessels climbed 17% in the month to the highest level since 25 March, while the Panamax Index rose 73% in the month due to rising iron ore shipments from Brazil to China amid Chinese restrictions on domestic output.
Rates for Panamax vessels rose to a four-month high last week due to high coal demand in the Pacific and Atlantic basins. Demand for coal shipments from the US to northwest Europe, the Mediterranean, India and other Asian destinations together with support from the larger capsize sector have strengthened the market. The Baltic Panamax Index, which tracks rates for 60,000-80,000 deadweight metric tonnes vessels climbed 17% in the month to the highest level since 25 March, while the Baltic Capesize Index rose 73% in the month due to rising iron ore shipments from Brazil to China amid Chinese restrictions on domestic output.