Baltic index extends gains on jump in capesize segment

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The Baltic Exchange’s main sea freight index extended gains on Wednesday on a jump in the capesize segment, while strength in panamax and supramax vessels also lent support.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 103 points, or 4.5%, to 2,387.

The capesize index gained 243 points to 2,551, a rise of about 10.5%.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $2,019 to $21,157.

The panamax index added 77 points, or 2.9%, to 2,706 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $698 to $24,355.

The supramax index edged up 3 points to 2,454.

Source: Reuters