Baltic Index Rises to One-week High

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up to hit a one-week high on Monday as capesizes rates rose.

 

The overall index, which factors in rates for capesize, panamax and supramax vessels, closed up four points, or 0.36 percent, at 1,126 points, its highest since March 19.

 

The index had marked its first gain in 10 sessions on Friday.

 

The capesize index gained 40 points, or 3.46 percent, to finish at 1,197 points.

 

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $240 to $9,304.

 

The panamax index closed down 12 points, or 0.76 percent, at 1,575 points, its lowest since March 7.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $97 to $12,656.

 

The supramax index fell five points to 1,116 points.


(Reporting by Vijaykumar Vedala in Bengaluru; Editing by Savio D'Souza)