Baltic Index Higher on Panamax, Capesize Support
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, boosted by higher rates for the larger capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 30 points, or 3.02 percent, at 1,023 points.
The capesize index was up 127 points, or 8.61 percent, at 1,602 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,034 to $12,602.
The panamax index was up 25 points, or 2.24 percent, at 1,143 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $198 to $9,156.
Among smaller vessels, the supramax index fell five points to 767 points, while the handysize index dipped six points to 482 points.
Reporting by Apeksha Nair
