Baltic Index Edges Up on Broad Support

The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, rose slightly on Monday, helped by increased rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 5 points, or 0.4 percent, to 1,406 points. The index touched its highest in six weeks.

The capesize index rose 50 points, or 2.1 percent, to 2,433 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, was up $10 at $17,714.

The panamax index climbed 12 points, or 0.8 percent, to 1,490 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $96 to $11,924.

The supramax index was up 4 points at 978 points.

Reporting by Arijit Bose