Capesize, Panamax Rates Push Baltic Index Higher
The Baltic Exchange's main sea freight index rose on Wednesday for the third straight session, supported by firmer rates for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, gained 43 points, or 3.72 percent, at 1,200 points.
The capesize index climbed 151 points, or 9.9 percent, at 1,676 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,273 to $13,421.
The panamax index rose 52 points, or 3.7 percent, at 1,456 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $407 to $11,669.
Among smaller vessels, the supramax index was down 3 points to 908 points, while the handysize index also fell 2 points to 584 points.
(Reporting by Karen Rodrigues; Editing by Anil D'Silva)
(Reporting by Karen Rodrigues; Editing by Anil D'Silva)
