Baltic index extends gains on higher rates for larger vessels

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The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, extended gains for a third straight session on Monday on higher rates for capesize and panamax vessel segments.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 47 points, or 4.3%, at 1,133 points, its highest in nearly two weeks.

The capesize index gained for the third consecutive session, rising 111 points, or 15.1%, to 844 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, rose by $924 to $7,000.

The panamax index was up 56 points, or 4.4%, at 1,327 points, marking its best session in over five months.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was up $499 to $11,941.

The supramax index fell for the seventh consecutive session, losing 16 points to 1,498 points.

Source: Reuters 

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