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Baltic Index Rallies For Fifth Day On Stronger Capesize, Panamax Rates

Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, rose for the fifth straight session, boosted by robust gains in capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 94 points, or 2.8%, at 3,418.

The capesize index gained 115 points, or 2.9%, to 4,136.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $951 to $34,299.

The panamax index was up 183 points, or 4.8%, at 4,010, its highest level June 2010.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $1,640 to $36,087.

Among smaller vessels, the supramax index rose 22 points to 2,921.
Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi Aich)

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