Baltic index inches higher on strong panamax rates

Greece-Hellenic-Carriers-Panamax-Vessel

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Wednesday as panamax vessel rates rose to a more than two-month high.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 12 points, or 1.4 percent, at 871 points.

The panamax index was up 46 points, or 4.62 percent, at 1,041 points, the highest level since Jan. 13.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, added $370 at $8,366 – its highest since mid-December.

The supramax index rose 8 points to 833 points, and the handysize index was up 7 points at 451 points.

The gains in the Baltic index, however, were limited by a drop in capesize rates.

The capesize index fell 27 points, or 2.64 percent, to 994 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $134 lower to $7,893.

Source: Reuters

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