Higher Rates Across All Vessel Segments Propels Baltic Index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Friday, propelled by higher rates across all vessel segments.
The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was up seven points, or 1.2 percent, at 591 points.
The capesize index rose 16 points, or 3.93 percent, to 423 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $126 to $4,174.
The panamax index rose four points, or 0.65 percent, to 617 points.
Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grains, increased by $28 to $4,941.
Dry bulk spot activity is on the rise, according to Omar Nokta, of Clarkson Capital Markets.
"There has been a higher level of capesize iron ore bookings in Australia and increased panamax activity in South America," he said.
The indexes for the relatively smaller vessels -- handysize and supramax -- were up one point at 384 points and eight points at 635 points respectively.
(Reporting by Arpan Varghese in Bengaluru; Editing by David Goodman)
