Baltic index rises as rates improve for capesize vessels

The Baltic Exchange’s main sea freight index rose on Tuesday, as higher rates for capesize vessels offset a fall in panamax and supramax segments.

 

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up 27 points, or 1.8%, at 1,518.

 

The capesize index rose 86 points, or 3.9%, to 2,293.

 

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, rose by $708 to $19,013.

 

However, the panamax index was down 3 points, or 0.2%, at 1,629, falling for the seventh straight session.

 

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $31 to $14,658.

 

The supramax index inched down 1 point to 964, after rising for 13 straight sessions.

 

Source:Reuters

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