Baltic Index Inches Up on Firmer Panamax Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Thursday as panamax rates increased.

The overall index, which also factors in rates for capesize, supramax and handysize vessels, closed up 6 points, or 0.5 percent, at 1,196 points.

The panamax index jumped 51 points, or 4.6 percent, its biggest daily percentage gain since March 1, to close at 1,170 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $406 to $9,404.

The handysize index rose 5 points to finish at 521 points, while the supramax index gained 4 points to end at 892 points, according to the Baltic Exchange's website.

However, the capesize index lost 33 points, or 1.4 percent, to close at 2,345 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $326 to $16,966.

 

(Reporting by Swati Verma in Bengaluru)