Baltic Sea Freight Index Up on Higher Capesize Rates

 

The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose three points to 602 points.

 

The capesize index rose 15 points to 475 points.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $114 to $4,415.

 

Analysts, however, say capesize rates remain very low and do not cover operating expenses as there is abundant supply of ships in the market. There was "very little activity (in capesize segment) and plenty of idle ships", ship broker RS Platou said in a note on Monday.

 

The panamax index fell two points to 598 points.

 

Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, fell $21 to $4,780.

 

While the handysize index fell one point to 392 points, the supramax index was up one point at 650 points. Handysize and supramax are smaller vessels than capesize and panamaxes.