Baltic index gains on higher capesize rates

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged higher on Tuesday, buoyed by gains in the capesize vessel segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 13 points, or 1.2%, to 1,078.

The capesize index rose 48 points, or 3.2%, to 1,540.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $394 to $12,769.

The panamax index eased 19 points, or about 1.6% to 1,174.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, slipped by $165 to $10,568.

Among smaller vessels, the supramax index rose 8 points to 759.

Source: Reuters

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