Baltic index up on higher panamax, supramax rates

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The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, was up for a third straight session on Thursday as higher demand for panamax and supramax vessels outweighed a slight dip in capesizes.

The Baltic dry index, tracking rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 9 points, or 0.5%, at 1,837, its highest since Jan. 13.

The capesize index edged 5 points lower, or 0.2%, to 3,077.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $42 to $25,515.

The panamax index rose 22 points, or 1.4%, to 1,639, a one-week peak.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were up $199 to $14,749.

The supramax index gained 14 points to 1,133, a peak since late-October of 2019.

Source: Reuters

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