Baltic index up on strong capesize rates

FILE PHOTO: Cargo ships navigate the Panama Canal during an organized media tour by Italy's Salini Impregilo, one of the main sub contractors of the Panama Canal Expansion project, on the outskirts of Colon city, Panama May 11, 2016.  REUTERS/Carlos Jasso/File Photo

The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Wednesday as higher capesize rates offset a decline in panamax and supramax rates.

The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was up 11 points, or 0.8%, at 1,365 points.

The capesize index climbed 80 points, or 3.2%, to 2,565 points.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $636 to $20,669.

The panamax index slipped 37 points, or 3.1%, to 1,170 points, extending losses to a 22nd straight session, its longest losing streak since January.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $302 to $9,394.

The supramax index fell 16 points to 758.

Source: Reuters

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