Baltic Index Gains for Third Consecutive Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Friday for a third straight session as rates for capesizes and supramaxes remained firm.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 8 points, or 0.6 percent, at 1,384 points its highest since Jan. 9.
The capesize index rose 29 points, or 1.3 percent, to 2,337 points, its highest in over 16 weeks. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $182 at $18,308.
The panamax index was down 1 point, or 0.1 percent, at 1,265 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $9 to $10,176.
The supramax index rose 3 points to 1,050 points.
Reporting by Nithin Prasad