Baltic Index Rises as Demand for Large Vessels Increases
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday primarily because of higher rates for the large vessel segments.
The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was up three points at 601 points.
The capesize index rose 12 points or 2.23 percent to 549 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $20 to $4,761.
The panamax index was up 13 points at 659 points.
Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, were up $101 at $5,257.
Meanwhile, the handysize index shed two points to 355 points, while the supramax index gained one point at 619 points.
(Reporting by Vijaykumar Vedala in Bengaluru; Editing by Mark Potter)
