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Baltic index rises for 5th session as panamax hits 1-month high

The Baltic Exchange’s dry bulk sea freight index rose for a fifth straight session on Monday supported by strong demand for panamax vessels, which hit a one-month high.

The overall index, which factors in rates for capesize, panamax and supramax vessels, was up 7 points, or 0.4%, at 1,984, its highest since Jan. 12.

The panamax index gained for an eighth straight session, up 15 points, or 0.6%, at 2,418, a one-month high.

Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $140 to $21,763.

The capesize index fell 62 points, or 3.3%, to 1,795.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, fell by $509 to $14,888.

The supramax index climbed 70 points to 2,228.

Source: Reuters

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