Baltic Index Rises on Better Capesize, Panamax Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Thursday due to demand for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up one point, or 0.16 percent, at 611 points.
The capesize index gained 22 points, or 2.26 percent, to 995 points.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $110 at $7,164.
The panamax index was up three points, or 0.56 percent, at 543 points.
Average daily earnings for panamaxe vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $23 to $4,339.
Among smaller vessels, the supramax index fell four points to 560 points, while the handysize index fell six points to 332 points.
(Reporting by Harshith Aranya in Bengaluru; Editing by Savio D'Souza)
