Baltic index gains on firmer rates for larger vessels

ships

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, supported by higher rates for capesize and panamax vessels.

The overall index, which considers rates for capesize, panamax, supramax and handysize shipping vessels, was up 3 points, or 0.37 percent, at 824 points.

The capesize index was up 2 points, or 0.15 percent, at 1,381 points.

“Capesize dry bulkers are continuing to see slight gains in the Atlantic basin lifting average global earnings to around $10,300/day,” Clarksons Platou Securities analysts said in a note.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $110 at $10,288.

The panamax index gained 10 points, or 1.28 percent, to 793 points, rising for the first time in 20 sessions.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $80 to $6,361.

Among smaller vessels, the supramax index fell 3 points to 649 points, while the handysize index decreased 4 points to 425 points.

Source: Reuters

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