Baltic index rises on stronger capesize, panamax rates


The Baltic Exchange’s main sea freight index, which tracks rates of ships carrying dry bulk commodities, rose on Tuesday as both capesize and panamax segments strengthened.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 8 points, or 0.3%, to 2,412 points.

The capesize index rose 11 points, or 0.5%, to 2,147 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $91 to $17,804.

The panamax index gained 17 points, or about 0.6%, to 2,955 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $148 to $26,591.

A group of South Korean flour mills has issued a tender to purchase about 50,000 tonnes of milling wheat to be sourced from the United States, European traders said on Tuesday.

The supramax index was down 1 point to 2,733 points.
Source: Reuters