Smaller Bulkers Buoy Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, supported by stronger rates for smaller vessel segments even as capesize rates weakened.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 14 points, or 1.09 percent, at 1,296 points.
The capesize index lost 3 points, or 0.13 percent, at 2,249 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $74 at $16,361.
The panamax index was up 28 points, or 1.77 percent, at 1,611 points, its highest since Jan. 2014.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $232 to $12,908.
Among smaller vessels, the supramax index was up 6 points at 899 points, while the handysize index rose 6 points to 560 points.
Reporting by Nithin Prasad
