Stronger Capesize Demand Propels Baltic Index Still Higher
The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, rose for the fifth straight session on Monday, buoyed by stronger capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 13 points, or about 1 percent, to 1,385 points.
The capesize index climbed 2.1 percent, or 47 points, to 2,244 points, highest since Nov. 6. Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose by $335 to $17,554.
The panamax index fell 5 points to 1,464 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, declined by $41 to $11,707.
The supramax index edged up 2 points to 955 points.
Reporting by Brijesh Patel