Firmer Vessel Demand Pushes Up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday, boosted by steady rates across bigger vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 13 points or 2.67 percent to 500 points.

The capesize index rose 11 points, or about 2.36 percent, to 477 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $187 to $4,027.

The panamax index was up 23 points, or about 4 percent at 619 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $180 to $4,940.

Among smaller vessels, the supramax index and the handysize index both rose 3 points to 482 points and 278 points respectively.

(Reporting by Nithin Prasad in Bengaluru)