Strong Capesize Rates Push Baltic Index Higher
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday as rates for capesize vessels moved higher.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 40 points, or 3.31 percent, at 1,247 points - highest since April 19.
The capesize index climbed 218 points, or 9.38 percent, to 2,542 points, the highest since late March.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,072 at $19,259.
"The strong momentum in the capesize market is continuing to drive sentiment and earnings into the close of the week. With the available tonnage list remaining tight, capesize spot earnings have lifted to around $19,300/day worldwide," Clarksons Platou Securities analysts wrote in a note.
The panamax index rose 26 points, or 1.98 percent, to 1,336 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $209 to $10,703.
Among smaller vessels, the supramax index rose 15 points to 791 points, while the handysize index inched up 1 point to 465 points.
Reporting by Karen Rodrigues