Baltic index rises for eighth straight session

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The Baltic Exchange’s main sea freight index inched higher on Tuesday, marking its eighth straight session gain, as higher rates for panamax and supramax vessels outweighed lower capesize rates.

The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 2 points, or 0.4%, to 508 points

The capesize index fell 39 points to -278 points

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, declined by $218 to $2,475.

The panamax index climbed 19 points, or 2.3%, to 830 points and registered its 14th straight session of gains

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased $165 to $7,467

The supramax index rose 18 points to 561.

Source: Reuters

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