Baltic Index Up for Tenth Consective Session

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, rose for the tenth straight session on Thursday, helped by steady demand for smaller shipping vessels.

The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser was up three points at 325 points.

The index touched an all-time low of 290 points on Feb. 10, marking the lowest level since records began in 1985

The capesize index shed 4 points to 182 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, was down $20 to $2,457.

The panamax index remained flat at 346 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, remained unchanged at $2,778.

Among smaller vessels, the supramax index was up 7 points at 328 points, while the handysize index rose 3 points to 209 points.

 

Reporting by Kevin Jose