Baltic index edges up on higher rates for capesize, panamax vessels
The Baltic Exchange’s main sea freight index firmed on Tuesday on higher rates for capesize and panamax vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 10 points, or 0.3%, at 3,095 points.
The capesize index gained 21 points, nearly 0.5%, at 3,950 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $173 to $32,754.
Chinese iron ore futures and other steelmaking inputs rose on Tuesday, as hopes of an improvement in demand rose on optimism that COVID-19 lockdowns will ease further, although traders still kept their upbeat expectations in check.
The panamax index was up 13 points, or about 0.4%, at 3,254 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $122 to $29,290.
The supramax index fell three points to 2,745 points.
Source: Reuters (Reporting by Roshan Abraham in Bengaluru)