Baltic Index Nears One-Month High
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, on Monday firmed to its highest in nearly a month on the back of higher rates for panamax and smaller vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 6 points, or 0.51 percent, at 1,191 points – a level last seen on Jan. 30.
The panamax index rose for the ninth straight session, gaining 23 points, or 1.55 percent, to end at 1,504 points, which is its highest since Dec. 20. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $183 to $12,056.
Among smaller vessels, the supramax index rose 27 points to close at 919 points, and the handysize index rose 4 points to finish at 538 points. However, the capesize index lost 42 points, or 2.44 percent, to close at 1,680 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dropped by $296 to $13,228. (Reporting by Swati Verma
