Higher Vessel Rates Prop Up Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by a rise in rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 19 points, or 2.15 percent, at 903 points.
The capesize index rose 61 points, or 6.07 percent, to 1,066 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $508 at $8,602.
The panamax index was up six points, or 0.52 percent, at 1,151 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $50 to $9,224.
Among smaller vessels, the supramax index rose seven points to 757 points, while the handysize index rose four points to 458 points.
(Reporting by Apeksha Nair in Bengaluru)