Baltic Index Gains On Stronger Rates for Larger Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for the eleventh straight session, supported by higher rates for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 17 points, or 1.49 percent, at 1,155 points - a peak since April 24.
The capesize index rose 80 points, or 3.97 percent, to 2,093 points, the highest since April 19.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $510 to $16,771.
The panamax index increased 16 points, or 1.27 percent, to 1,272 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $132 to $10,188.
Among smaller vessels, the supramax index rose 1 point to 760 points, while the handysize index fell 1 point to 465 points.
(Reporting by Karen Rodrigues in Bengaluru)
