Baltic Index Lifted By Firmer Capesize Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, gained nearly 1 percent to rise for a third straight session on Friday, driven by firmer rates for capesize vessels.

 

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 11 points, or 0.92 percent, at 1,207 points, highest since Jan. 29.

 

It gained 1.9 percent this week, rising for the second straight week.

 

The index has been re-weighted from Thursday and will no longer include the handysize time charter average.

 

The capesize index gained 24 points, or 1.53 percent, to 1,592 points.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, climbed $214 to $12,609.

 

The panamax index fell five points, or 0.33 percent, to 1,500 points.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $36 to $12,038.

 

The supramax index rose 12 points to 1004 points.


(Reporting by Sumita Layek in Bengaluru; Editing by Shounak Dasgupta)