Panamax Props Up Baltic Index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, nudged up on Monday as panamax rates rose for fifth straight session, offsetting weakness in capesizes.
The overall index, which factors in rates for capesize, panamax and supramax vessels, rose four points, or 0.2 percent, to 1,727 points.
The panamax index rose 21 points, or 1.4 percent, to 1,506 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $166 to $12,064.
The capesize index fell by 30 points, or 0.9 percent to its lowest in three weeks, at 3,424 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $70 to $25,303.
The supramax index rose 6 points to 1,062 points.
Reporting by Arijit Bose in Bengaluru