Baltic Index Inches up on Handy Size Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by steady demand for smaller shipping vessels.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose for the eighth consecutive session, by 2 points to 318 points.
The index touched an all-time low of 290 points on Feb. 10, marking the lowest level since records began in 1985.
The dry bulk market is expected to remain under pressure as a gloomy outlook for global demand persists.
The capesize index shed 8 points, or 4.06 percent to 189 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, was down $71 at $2,507.
The panamax index fell 4 points, or 1.14 percent, to 346 points. Average daily earnings for panamaxes were down $34 at $2,776.
Among smaller vessels, the supramax index was up 12 points at 310 points, while the handysize index rose 3 points to 203 points.
Reporting by Kevin Jose