Baltic Index Strengthens on Panamax, Supramax Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the fifth straight session on Tuesday on stronger rates for the panamax and supramax vessel segments.
The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up two points, or 0.17 percent, at 1,212 points, a peak since Jan. 29.
The panamax index was up 26 points, or 1.73 percent, at 1,528 points, the highest since Dec. 20.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $212 to $12,267.
The supramax index rose seven points or 0.7 percent to 1,013 points, a four-month high.
The capesize index lost 10 points, or 0.63 percent, at 1,587 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $135 to $12,516.
"Capesize rates are seeing a slight decline on the back of a slow Atlantic market," analysts at ship broker Clarksons Platou Securities said.
Reporting by Vijaykumar Vedala
