Baltic Index Rises on Higher Large Vessel Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a second day this week on Wednesday, helped by higher rates across capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 14 points, or 1 percent, at 1,404 points.
The capesize index gained 23 points, or 1.1 percent, to 2,091 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $239 to $17,334.
The panamax index gained 14 points, or about 1 percent, to 1,488 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $116 to $11,948.
The supramax index rose four points to 1,088 points.
Reporting by Apeksha Nair
