Stronger Capesize Demand Pushes up Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, rose on Wednesday, buoyed by higher demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 5 points or 0.5 percent to 1,008 points.
The capesize index gained 5.4 percent or 54 points to 1,056 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $284 to $8,625.
The panamax index fell for the sixth straight session, shedding 23 points or 1.6 percent to 1,393 points, its lowest since Aug. 14. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined by $194 to $11,134.
The supramax index eased 4 points to 959 points.
Reporting by Brijesh Patel