Baltic Index Up on Higher Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its recovery on Tuesday, helped by improved demand across vessel segments.
The overall index that gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, was up 12 points, or 3.39 percent, at 366 points,
The index rose for the 18th successive session and has gained 26 percent since touching an all time low of 290 points on Feb. 10.
The capesize index, which hit a record low of 161 points on Monday, rose by 19 points or 11.8 percent to 180 points. This index has declined about 61.9 percent this year.
Average daily earnings for capesizes rose $101 to $2,286. Capesize vessels typically transport 150,000-tonne cargoes such as iron ore and coal.
The panamax index rose 25 points, or, 6.3 percent to 422 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $206 to $3,393.
Among smaller vessels, the supramax index gained nine points to 386 points, while the handysize index rose three points to 240 points.
(Reporting by Harshith Aranya in Bengaluru)
