Baltic index inches up as firmer panamax rates lend support
The Baltic Exchange’s main sea freight index edged higher for the third straight session, propped up by stronger rates for the panamax vessel segment.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was 2 points higher at 1,350.
The Baltic capesize index eased 4 points to 2,206.
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, fell $30 to $18,296.
The panamax index rose 24 points, or 2%, to 1,227.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $214 to $11,045.
However, the supramax index dipped 8 points to 870.
Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Shinjini Ganguli)