Baltic Index Snaps Losing Streek
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday snapping eleven sessions of losses, supported by stronger capesize vessel rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 48 points, or 4.6 percent, at 1,090 points.
The capesize index gained 125 points, or nearly 10 percent, to 1,401 points, after falling for eleven consecutive sessions.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, was up $1,140 at $11,723.
The panamax index was up 11 points, or about 1 percent, at 1,160 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $86 to $9,348.
The supramax index slipped a point to 1,063 points.
(Reporting by Eileen Soreng in Bengaluru; Editing by Arun Koyyur)