Firmer Capesize Rates Prop Up Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday, helped by strong demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 5 points, or 0.3 percent, to 1,584 points.
The capesize index rose 20 points, or 0.9 percent, to 2,189 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $148 at $18,894.
The panamax index gained 4 points to 1,779 points, its highest since Jan. 2, 2014.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $32 to $14,259.
The supramax index fell 4 points to 1,200 points.
(Reporting by Brijesh Patel in Bengaluru; Editing by Shailesh Kuber)