Baltic Index Rises On Higher Panamax, Supramax Rates

Panamax-bulk-carrier

The Baltic Exchange’s main sea freight index, which tracks rates for capesize, panamax and supramax vessels, gained on Wednesday, helped by strong demand for panamax and supramax vessels.

The Baltic dry index was up 3 points, or 0.3%, at 1,115.

The panamax index rose 39 points, or 3.1%, to 1,291, gaining for a fifth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $358 to $11,622.

The supramax index rose 12 points to 900.

The capesize index fell 36 points, or 2.5%, to 1,414.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, fell $299 to $11,730.

Source: Reuters

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