Stronger Capesize, Panamax Rates Lift Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose over 1 percent on Tuesday on improving demand for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 14 points, or 1.21 percent, at 1,169 points - a peak since April 24.
The capesize index rose 62 points, or 2.96 percent, to 2,155 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $299 at $17,070, the highest since early April.
The panamax index increased 17 points, or 1.34 percent, to 1,289 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $142 to $10,330.
Among smaller vessels, the supramax index rose 5 points to 765 points, while the handysize index inched lower by 1 point to 464 points.
Reporting by Eileen Soreng
