Stronger Capesize Rates Lift Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged higher on Monday on firmer demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up four points, or 0.3 percent, at 1,476 points.
The capesize index gained five points, or 0.2 percent, at 2,635 points, its highest since Jan. 4.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $117 to $20,801.
The panamax index was down five points, or 0.4 percent, at 1,240 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $40 to $9,994.
The supramax index rose two points to 1,055 points.
(Reporting by Harshith Aranya in Bengaluru; Editing by Anil D'Silva)