Higher rates for panamax vessels boost Baltic index


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

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 7 points, or 0.99 percent, at 711 points.

The panamax index rose 10 points, or 1.25 percent, to 809 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased by $85 to $6,469.

The capesize index fell 4 points, or 0.4 percent, to 987 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $41 at $7,044.

Among smaller vessels, the supramax index rose 15 points to 666 points, while the handysize index was up 2 points at 358 points.

Source: Reuters 

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