18-05-2016

Capesize demand continues to push Baltic index up

BI

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday helped by an increase in demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 30 points, or 4.89 percent, at 643 points.

The capesize index gained 134 points, or about 15.69 percent, to 988 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,051 to $7,791.

The panamax index was up six points, or 1 percent, to 604 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $43 to $4,826.

Among smaller vessels, the supramax index was flat at 552 points, while the handysize index fell two points to 345 points.

Source: Reuters 

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