Baltic Index Continues Rise on Firm Vessel Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, on gains across all vessel segments.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose 6 points or 2.03 percent to 301 points.
The index touched an all-time low of 290 points on Wednesday, marking the lowest level since records began in 1985.
The sector has been particularly hurt by slower Chinese business at a time when the market is struggling with huge vessel overcapacity.
The index ticked up this week on optimism over a revival of demand for some commodities in China such as Iron Ore.
The capesize index was up 19 points at 223 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $84 to $2,805.
The panamax index was up 12 points, or 3.59 percent, at 346 points. Average daily earnings for panamaxes climbed $95 to $2,772.
Among smaller vessels, the supramax index gained 5 points to 252 points, while the handysize index was up one point at 184 points.
(Reporting by Apeksha Nair in Bengaluru)
