Baltic Index Up on Firmer Demand
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by stronger demand for capesizes and smaller shipping vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 11 points, or 1.56 percent to 715 points.
The capesize index, rose 25 points, or 2.2 percent to 1,160 points, its highest in almost six months.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $381 to $9,170.
Among smaller vessels, the supramax index rose nine points to 573 points, and the handysize index rose four points to 362 points.
The panamax index, however, was down 14 points or about 2 percent, at 704 points.
Average daily earnings for panamaxes fell $111 to $5,618 on Wednesday. Panamax vessels usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes.
(Reporting by Nithin Prasad in Bengaluru)
