Baltic index rises on higher capesize rates

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The Baltic Exchange’s main sea freight index inched up on Monday, as a jump in capesize rates offset lower prices for panamax vessels.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up 10 points, or 0.7%, at 1,491.

The capesize index rose 47 points, or 2.2%, to 2,207.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes including iron ore and coal, rose by $387 to $18,305.

However, the panamax index was down 21 points, or 1.3%, at 1,632, falling for the sixth straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell by $187 to $14,689.

The supramax index edged up 3 points to 965.
Source: Reuters

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