Baltic index inches up on stronger capesize demand

Capesize_bulk_carrier

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, edged up on Monday, supported by increased demand for capesize vessels.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, inched up 2 points, or 0.1%, to 1,803.

The capesize index gained 43 points, or 1.4%, to 3,052, its highest in more than a week.

The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $417 to $25,362.

The panamax index fell 49 points, or 2.9%, to 1,646, its lowest since July 4.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonne to 70,000 tonne, decreased $390 to $13,206.

The supramax index edged down 8 points to 1,179.

Source: Reuters

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