Stronger Rates Lift Baltic Index for Third Day
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third consecutive session on Thursday supported by stronger rates across capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 29 points, or 2.1 percent, to 1,433 points.
The capesize index climbed 93 points, or 4.5 percent, to 2,184 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $642 to $17,976.
The panamax index gained 10 points, or nearly 1 percent, to 1,498 points, a peak since March 28.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was up $82 to $12,030.
The supramax index inched up by a point to 1,089 points.
(Reporting by Eileen Soreng in Bengaluru; Editing by Shounak Dasgupta)