08-07-2016

Higher panamax demand continues to push up Baltic index

panamax

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

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up five points, or 0.72 percent, at 699 points.

The capesize index was down 11 points, or 1.08 percent, at 1,008 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, down $77 at $7,188.

The panamax index was up 24 points, or 3.18 percent, at 779 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $102 to $6,231.

Among smaller vessels, the supramax index rose five points to 644 points, while the handysize index gained three points to 352 points.

Source: Reuters

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