Robust capesize vessel rates buoy Baltic index
The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the 14th straight session on Monday as capesize rates strengthened.
The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, climbed 9 points, or 0.75 percent, to end at 1,205 points, its highest since Nov. 23.
However, the index had gained at least 1 percent in the previous 13 sessions.
The capesize index gained 53 points, or 2.2 percent, to finish at 2,466 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, touched a four-month peak, rising $317 to $18,080.
The panamax index closed down 5 points, or 0.45 percent, at 1,103 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $39 to $8,875.
Among smaller vessels, the supramax index rose 5 points to finish at 884 points, while the handysize index gained 2 points to close at 510 points.
Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Savio D’Souza)