Baltic Index Rises on Capesize, Panamax Rates
The Baltic Exchange's main sea freight index rose on Monday, supported by strong demand across capesize and panamax vessel segments.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 26 points, or 1.5%, to 1,774 points, level last seen on August 5.
The capesize index added 44 points, or 1.4%, to 3,266 points. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $388 to $24,410.
The panamax index was up 34 points, or 1.8%, at 1,932 points, its highest since July 30. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $271 to $15,440.
The supramax index inched up 5 points to 975 points.
Reporting by Shreyansi