Baltic Index Up On Stronger Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday as capesize rates jumped to their highest in almost three weeks.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose for a fifth consecutive session and was up 91 points, or 7.3 percent, at 1,340 points.
* The capesize index, which was also up a fifth straight session, gained 253 points, or 13.8 percent, at 2,088 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $2,016 to $17,140.
* The panamax index was up 40 points, or 3.2 percent, at 1,290 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $320 to $10,381.
* The supramax index was flat at 1,065 points.
Reporting by Nithin Prasad in Bengaluru