Baltic Index Up for Sixth Straight Session
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday for a sixth straight session as rates across vessel segments saw gains.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 55 points, or 4.1 percent, at 1,395 points, its highest in over three weeks.
The capesize index was also up a sixth straight session and gained 132 points, or 6.3 percent, at 2,220 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $994 to $18,134.
The panamax index was up 54 points, or 4.2 percent, at 1,344 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $425 to $10,806.
The supramax index rose seven points to 1,072 points.
Reporting by Nithin Prasad
