Baltic index perks up as capesize rates increase
The Baltic Exchange’s main sea freight index snapped three straight sessions of losses to gain on Wednesday, as rates increased for the capesize and supramax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 28 points, or 0.9%, at 3,147 points.
The capesize index gained 85 points, or 2.2%, to 3,868 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $703 to $32,079.
The panamax index was down 14 points, or 0.4%, at 3,418 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, eased $129 to $30,760.
Among smaller vessels, the supramax index rose 12 points to 2,852 points.
Source: Reuters (Reporting by Swati Verma in Bengaluru; Editing by Devika Syamnath)