Firm Vessel Rates Boost Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday on higer rates for panamaxe and smaller vessel categories.

 

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose seven points or 1.25 percent to 567 points.

 

The panamax index rose 12 points to 678 points.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $99 to $5,407.

 

Among smaller vessels, the supramax index rose 8 points to 506 points, while the handysize index was up six points at 296 points.

 

The capesize index remained flat at 744 points.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $22 to $5,515.


(Reporting by Apeksha Nair in Bengaluru)