Baltic index rises on firm demand for large shipping vessels

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday buoyed by higher rates for capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 23 points, or about 1.7%, to 1,412 – its biggest daily percentage rise since March 23.

The capesize index added 58 points, or about 3.5%, to 1,723.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $484 to $14,290.

The panamax index gained 29 points, or about 1.8%, to its highest since March 20 at 1,664.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tons, increased $254 to $14,972.

Among smaller vessels, the supramax index lost 11 points to 1,187.

Source: Reuters

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