Baltic index up for 10th straight session on higher Capesize rates


The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a tenth straight session on Tuesday, helped by higher rates for capesize vessels.

The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, ended up 13 points, or 1.18 percent, at 1,112 points.

The capesize index gained 86 points, or 4.67 percent, to close at 1,929 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $607 to $14,250, the highest level since Dec. 1.

The panamax index fell by 22 points, or 1.82 percent, to end at 1,185 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $170 to $9,527.

Among smaller vessels, the supramax index rose two points to finish at 877 points, while the handysize index climbed three points to end at 502 points.

Source: Reuters



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