Baltic Index Continues Rise on Stronger Panamax Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Wednesday on higher demand for panamax vessels, partially offset by a fall in capesize demand.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 2 points, or 0.29 percent, at 694 points.
The capesize index fell 15 points, or 1.45 percent, to 1,019 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $121 at $7,265.
The panamax index rose 20 points, or 2.72 percent, to 755 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $157 to $6,039.
Among smaller vessels, the supramax index rose 2 points to 639 points, while the handysize index was flat at 349 points.
(Reporting by Harshith Aranya in Bengaluru)
