Baltic Index Rises as Key Vessel Rates Firm

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday on higher vessel rates across the industry.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 14 points, or 1.61 percent, at 884 points.

The capesize index gained 18 points, or 1.82 percent, at 1,005 points.

Capesize dry bulkers have gained some momentum to start the week with average earnings ticking up about $8,100/day worldwide, Clarksons Platou Securities analysts said in a note.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $348 to $8,094.

The panamax index was up 7 points, or 0.62 percent, at 1,145 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $60 to $9,174.

Among smaller vessels, the supramax index rose 6 points to 750 points, while the handysize index rose 3 points to 454 points.