Baltic Index Reaches Four Month High
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to its highest level in four months on Friday, backed by an upswing in demand across vessel segments headed by capesizes.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, climbed 22 points or 4.26 percent to 539 points, a level not seen since Dec. 9.
The capesize index surged 94 points, or about 17 percent, to 656 points, touching its highest level since mid-December.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, soared $556 to $5,089.
The panamax index rose 16 points to 643 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $128 to $5,131.
Among smaller vessels, the supramax index was up three points to 488 points, while the handysize index was up six points to 286 points
(Reporting by Nithin Prasad in Bengaluru)
