Baltic Index Rebounds Slightly from Record Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged up slightly on Thursday on higher rates for panamaxes and smaller vessels.

The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose 2 points or 0.39 percent to 511 points.

This is the first gain made by the index, which has been exploring record lows, since Feb. 10.

The panamax index, which tracks vessels usually carrying coal or grain cargoes of about 60,000 to 70,000 tonnes, gained 2 points, or 0.39 percent, to 516 points. Average daily earnings for panamaxes were up $17 to $4,127.

The supramax index was up 5 points to 483 points and the handysize index rose 7 points to 267 points.

Meanwhile, the capesize index fell 25 points or 4.43 percent to 539 points. Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, decreased $114 to $5,333.

Reporting by Vijaykumar Vedala in Bengaluru