12-07-2016

Baltic index rises on higher rates for panamax vessels

panamax

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

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up one point, or 0.14 percent, at 704 points.

The panamax index was higher by seven points, or 0.88 percent, at 799 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $57 to $6,384.

The capesize index dropped 11 points, or 1.1 percent, to 991 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $64 to $7,085.

Among smaller vessels, the supramax index rose four points to 651 points, while the handysize index rose two points to 356 points.

Source: Reuters

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