Capesize Demand Buoys Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday as demand for capesize vessels increased.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 26 points, or 2.88 percent, at 929 points.
The capesize index gained 104 points, or 9.76 percent, to 1,170 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $887 to $9,489.
"In the dry bulk market, the capesize segment has continued to pick up steam this week driven in part by strong levels of Brazilian activity," Clarksons Platou Securities analysts said in a note.
The panamax index slipped one point, or 0.09 percent, to 1,150 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $12 to $9,212.
Among smaller vessels, the supramax index rose four points to 761 points, while the handysize index rose one point to 459 points.
Reporting by Apeksha Nair
