On Wednesday, the Capesize and supramax vessel segments contributed to a slight increase in the Baltic Exchange’s main sea freight index (BADI), which tracks rates for ships transporting dry bulk commodities. In its second day of increases following Tuesday’s 11.3% increase, the overall index which takes Capesize, Panamax, and Supramax shipping vessel rates were up 17 points, or roughly 1%, at 1,746. According to shipbroker Intermodal, “the recent weather interruption in Asia bolstered owners’ attitude, which when combined with the robust grain exports from both the ECSA and NCSA (east coast and north coast, South America), led to w-o-w improvements across all sectors” on Tuesday. On Friday, the dry bulk index had its strongest week since February, partly due to a 126% increase in the sector of Capesize vessels.
To reach 2,021, the Capesize index (.BACI) increased by 27 points or almost 1.4%. The average daily pay for Capesize ships, which generally carry 150,000-tonne loads like coal and iron ore, increased by $220 to $16,760. A decrease of 2 points, or 0.1%, brought the Panamax index (.BPNI) to 2,021. The daily profits per Panamax, which typically transport 60,000–70,000 tonnes of coal or grain, decreased from $17 to $18,819. According to the agricultural ministry, Ukraine’s grain exports for the 2022–23 season have decreased by 43.2% year over year to 6.88 million tonnes. A government official who spoke on the condition of anonymity said that India is considering letting the export of certain rice shipments that are currently stalled at ports after the world’s largest exporter of the crop-imposed restrictions earlier this month.
