Baltic Index Inches Up on Firmer Panamax Rates

March 23, 2017

Photo: FotoFlite / DS Norden
Photo: FotoFlite / DS Norden

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Thursday as panamax rates increased.


The overall index, which also factors in rates for capesize, supramax and handysize vessels, closed up 6 points, or 0.5 percent, at 1,196 points.


The panamax index jumped 51 points, or 4.6 percent, its biggest daily percentage gain since March 1, to close at 1,170 points.


Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $406 to $9,404.


The handysize index rose 5 points to finish at 521 points, while the supramax index gained 4 points to end at 892 points, according to the Baltic Exchange's website.


However, the capesize index lost 33 points, or 1.4 percent, to close at 2,345 points.


Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $326 to $16,966.

 

(Reporting by Swati Verma in Bengaluru)

Logistics News

VLCC Charter Rates Soar - “We are in unprecedented times" say CEO

VLCC Charter Rates Soar - “We are in unprecedented times" say CEO

MV Isle of Islay Begins Maiden Voyage to Scotland

MV Isle of Islay Begins Maiden Voyage to Scotland

Port of Los Angeles Selects Pacific Cruise Terminals Developer, Operator of Two Cruise Centers

Port of Los Angeles Selects Pacific Cruise Terminals Developer, Operator of Two Cruise Centers

Associated Terminals takes a Pair of All-Electric Cranes

Associated Terminals takes a Pair of All-Electric Cranes

Subscribe for Maritime Logistics Professional E‑News

Dutch airline KLM avoids Middle East because of rising tensions
Delta Air Lines encourages passengers to rebook flights as Winter Storm Fern threatens the weekend flights
AirAsia is close to a deal with Airbus to buy around 100 A220 aircraft, according to sources