Firm Ship Demand Pushes Baltic Index Up

Posted by Greg Trauthwein March 29, 2016

A bulk carrier delivered in 2014 to Archer Daniels Midland Company (ADM), unique in that the ship features a host of innovative technologies, including the Mitsubishi Air Lubrication System (MALS), which reportedly helps the ship to achieve a 27% reduction in CO2 emissions as compared to conventional bulk carriers of the same capacity. (Photo: Archer Daniels Midland Company)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by stronger rates across all vessel segments. The overall index that factors in the rates for capesize, panamax, supramax and handysize shipping vessels, was up three points to 409 points.

The capesize index rose four points or 1.97 percent to 207 points.

Average daily earnings for capesizes, which typically transport 150,000-ton cargoes such as iron ore and coal, were up $17 to $2,099.

The panamax index was up five points at 471 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $41 to $3,772.

Among smaller vessels, the supramax index rose one point to 474 points, while the handysize index was up two points to 270 points. (Reuters Reporting by Nithin Prasad in Bengaluru)