Higher Vessel Rates Lift Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships ferrying dry bulk commodities, rose for the fifth consecutive day on Tuesday supported by gains across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 16 points, or 1.1 percent, to 1,450 points.
The capesize index was up 4 points or 0.2 percent at 1,868 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $176 at $16,484.
The panamax index gained 30 points, or nearly 2 percent, to 1,639 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $234 to $13,150.
The supramax index rose 5 points to 1,190 points.
(Reporting by Eileen Soreng in Bengaluru; Editing by Shailesh Kuber)