Baltic Index Gains for 9th Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, notched gains for the ninth straight session to end at a more than one-month high on Monday, helped by higher rates for panamax vessels.
The index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, closed up three points, or 0.34 percent, at 878 points, its highest level since Jan. 24.
The panamax index ended 19 points, or 2.01 percent, higher at 966 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $147 to $7,760.
The supramax index and handysize index rose eight points each, to finish at 817 points and at 436 points, respectively, according to the Baltic Exchange website.
The capesize index, however, finished lower by 14 points, or 1.2 percent, at 1,151 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $225 to $9,133.
(Reporting by Swati Verma in Bengaluru)