Baltic Index Climbs for Fourth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, gained on Tuesday for the fourth straight session as rates across vessel segments rose.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 56 points, or 4.7 percent, to 1,249 points, its highest in over two weeks.
The capesize index, which was also up for the fourth straight session, gained 123 points, or 7.2 percent, to 1,835 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $1,161 to $15,124.
The panamax index was up 33 points, or 2.7 percent, at 1,250 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $258 to $10,061.
The supramax index rose four points to 1,065 points.
(Reporting by Nithin Prasad in Bengaluru; Editing by Arun Koyyur)