Baltic Index Buoyed by Capesize, Panamax Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday on stronger rates for capesize and panamax vessels.
The overall index — which factors in rates for capesize, panamax, supramax and handysize shipping vessels — was up 28 points, or 2.9 percent, at 993 points, touching its highest in more than two months.
The capesize index gained 144 points, or 10.82 percent, at 1,475 points.
Capesize dry bulkers are gaining momentum with earnings rising up to about $11,600/day on average, worldwide, fueled by continued strength in the Pacific, Clarksons Platou Securities analysts said in a note.
Average daily earnings for capesizes, which typically transport 150,000-ton cargoes such as iron ore and coal, were up $1,028 at $11,568.
The panamax index rose 20 points, or 1.82 percent, to 1,118 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tons, increased $165 to $8,958.
Among smaller vessels, the supramax index fell 7 points to 772 points, while the handysize index was down 4 points to 488 points.
Reporting by Karen Rodrigues
