Higher Shipping Rates Boost Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday due to strengthening rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 28 points, or 3.6 percent, at 806 points.
The capesize index gained 95 points, or 11.1 percent, to close at 951 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $700 to $7,708.
The panamax index broke a six-session losing streak to finish higher by 2 points, or 0.22 percent, at 908 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $16 to $7,295.
Among smaller vessels, the supramax index rose 19 points to 783 points, while the handysize index rose 8 points to 410 points.
(Reporting by Nithin Prasad in Bengaluru)