Baltic Index Ends at 8-Week High on Stronger Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, closed at it highest in more than eight weeks on Monday as rates across all vessel segments rose.

 

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 40 points, or 4.26 percent, to close at 979 points.

 

The capesize index gained 118 points, or 9.62 percent, to finish at 1,345 points.

 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,014 to $10,439.

 

The panamax index was up 36 points, or 3.22 percent, to end at 1,154 points.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $289 to $9,271.

 

Among smaller vessels, the supramax index rose 6 points to close at 852 points, while the handysize index rose 6 points to close at 468 points.


(Reporting by Nithin Prasad in Bengaluru; Editing by Savio D'Souza)