Baltic Index Gains on Firmer Panamax Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose marginally on Monday supported by stronger rates for panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 8 points, or 0.65 percent, at 1,231 points.
The capesize index slipped 8 points, or 0.37 percent, to 2,165 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of iron ore and coal, were down $77 at $15,493.
The panamax index touched its highest level in almost four months rising 39 points, or 2.73 percent, to 1,466 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $307 to $11,750.
Among smaller vessels, the supramax index and handysize index rose 2 points to 888 points and 549 points, respectively.
(Reporting by Eileen Soreng in Bengaluru)