Dry Bulk Rates Edging Higher

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Tuesday, propped up by a rise in panamax and supramax vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up three points, or about 0.2 percent, at 1,390 points.

The capesize index fell 23 points, or 1.1 percent, to 2,068 points.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell by $145 to $17,095.

Meanwhile, the panamax index gained 23 points, or 1.6 percent, to 1,474 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $184 to $11,832.

The supramax index rose six points to 1,084 points.

(Reporting by Eileen Soreng in Bengaluru)