12-07-2017

Higher vessel rates help Baltic index snap 8-session losing streak

BI

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday to snap an eight-day losing streak, boosted by improved rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 10 points, or 1.22 percent, at 830 points.

The capesize index gained 25 points, or 3.42 percent, at 755 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $219 at $6,524.

The panamax index rose 8 points, or 0.75 percent, at 1,069 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $59 to $8,575.

Among smaller vessels, the supramax index rose 4 points at 733 points, while the handysize index rose 3 points to 477 points.

Source: Reuters

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