Baltic Index Boosted by Stronger Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, helped largely by stronger rates for capesizes.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, ended up 19 points or 1.82 percent at 1,064 points, its highest level in nearly three months.
The capesize index gained 100 points, or 6.34 percent, to close at 1,678 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $551 to $12,440.
The panamax index was unchanged at 1,220 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $7 to $9,803.
Among smaller vessels, the supramax index climbed 4 points to 872 points, while the handysize index rose 6 points to 491 points.
Reporting by Nithin Prasad
