Baltic Index Up On Firmer Rates for Panamaxes, Smaller Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Monday, hitting a fresh nearly three-year high as rates for panamaxes and smaller vessels increased.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 13 points, or 0.94 percent, to 1,398 points, the highest since Nov. 10, 2014.
However, the capesize index slipped 4 points, or 0.15 percent, to 2,681 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $36 to $19,578.
The panamax index climbed 8 points, or 0.53 percent, to 1,529 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $62 at $12,286.
Among smaller vessels, the supramax index rose 20 points to 997 points, and the handysize index increased 15 points to 551 points.
Reporting by Eileen Soreng in Bengaluru
