Baltic Index Gains on Higher Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, gained on Wednesday, supported by stronger rates for capesize vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 59 points, or 4.8 percent, to 1,296 points.
The capesize index gained 10.7 percent, or 186 points, to 1,925 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $1,504 to $15,341.
The panamax index fell after gaining for seven straight sessions, down 2 points at 1,472 points. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $18 to $11,771.
The supramax index was up 1 point at 950 points.
Reporting by Karen Rodrigues