06-07-2016

Baltic index rises on higher panamax demand

panamax

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday as higher demand boosted rates for panamax vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 4 points, or 0.58 percent, at 692 points.

The capesize index fell 15 points, or 1.43 percent, to 1,034 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $104 at $7,388.

The panamax index rose 25 points, or 3.52 percent, to 735 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $203 to $5,882.

Among smaller vessels, the supramax index rose 4 points to 637 points, while the handysize index was up 2 points at 349 points.

Source: Reuters 

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