Baltic Index Rises On Higher Capesize Rates
The Baltic Exchange's main sea freight index rose on Wednesday, after seven straight sessions of losses, on stronger demand for capesize vessels.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, gained 17 points, or 2.8% to 629.
The capesize index was up by 85 points at -204, its highest since Feb. 6.
Average daily earnings for capesizes, which typically transport 170,000 tonnes-180,000 tonnes cargoes including iron ore and coal, rose by $707 to $3,507.
The panamax index fell 44 points, or 4.7%, to 886, posting its biggest decline since Feb. 3.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes-70,000 tonnes, decreased by $392 to $7,975.
The supramax index inched 1 point higher to 755.
(Reporting by Nakul Iyer in Bengaluru; editing by Uttaresh.V)