Baltic Index Strengthens on Broad Support
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday on stronger rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 31 points, or 2.52 percent, at 1,262 points.
The capesize index snapped a nine-session losing streak and gained 62 points, or 2.86 percent, at 2,227 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $507 to $16,000.
The panamax index was up 67 points, or 4.57 percent, at 1,533 points, its highest level since Dec. 8.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $530 to $12,280.
Among smaller vessels, the supramax index rose 3 points to 891 points, while the handysize index rose 3 points to 552 points.
Reporting by Nithin Prasad
