Baltic Index Gains on Stronger Rates for Panamax, Smaller Vessels
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for second consecutive session on Friday supported by stronger rates for panamax and smaller vessels.
The overall index, which considers rates for capesize, panamax, supramax and handysize shipping vessels, rose 15 points, or 1.75 percent, to 870 points.
The capesize index was marginally down 6 points, or 0.6 percent, at 987 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $128 to $7,746.
The panamax index climbed 29 points, or 2.61 percent, to end at 1,138 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $226 to $9,114.
"The dry bulk market is closing the week on a relatively firmer note, particularly in the Panamax segment which has seen a steady level of activity press rates higher both in the Atlantic and Pacific basins," analysts at Clarksons Platou Securities said in a note.
Among indexes for smaller vessels, the supramax index rose 10 points to 744 points, while the handysize index was up 4 points at 451 points.
(Reporting by Eileen Soreng in Beng)
