Baltic Index Edges Higher on Capesize Gains
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for the second consecutive day on Friday on higher rates for capesizes and smaller vessels.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose 2 points, or 0.39 percent, to 513 points.
The capesize index was up 3 points to 542 points. Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, increased by $1 to $5,334.
The supramax index was up 7 points to 490 points and the handysize index rose 3 points to 270 points.
Meanwhile, the panamax index, which tracks vessels usually carrying coal or grain cargoes of about 60,000 to 70,000 tonnes, shed 2 points, or 0.39 percent, to 514 points. Average daily earnings for panamaxes were down $17 to $4,110.
Reporting by Vijaykumar Vedala in Bengaluru