Baltic Index at 15-week High on Firming Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, firmed on Tuesday as rates for capesize vessels rose for a twelfth straight session.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 24 points, or 1.8 percent, at 1,330 points.
The index hit its highest since Jan. 10. The capesize index gained 121 points, or 6 percent, at 2,130 points.
The index rose for a twelfth straight session to touch an over 14-week high. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $647 to $17,084.
The panamax index was down 12 points, or 0.9 percent, at 1,269 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $92 to $10,194. The supramax index rose three points to 1,030 points.
Reporting by Nithin Prasad
