Baltic Index Edges Up on Firm Rates
The Baltic Exchange's main sea freight index inched up on Monday, helped by strong demand for panamax and supramax vessels.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, edged up 4 points to 539, its highest since Jan. 27.
The capesize index slipped further by 20 points to -348, its lowest on record.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, declined by $102 to $2,172.
The panamax index rose 10 points, or 1.1%, to 915, registering its 18th straight session of gains.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased by $85 to $8,232.
The supramax index gained 15 points to 621.
(Reporting by Brijesh Patel in Bengaluru; Editing by Sherry Jacob-Phillips)