Baltic index rises as capesize rates hit 2-month high
The Baltic Exchange’s main sea freight index, which tracks rates for capesize, panamax and supramax vessels, rose on Thursday, helped by strong demand for capesize vessels.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose 26 points, or 1.2%, to 2,072.
The index gained nearly 50% in the first quarter.
The capesize index rose 184 points, or 8.3%, to 2,394, its highest level since Jan. 26.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, among others, gained $1,526 to $19,853.
The panamax index fell 92 points, or 3.6%, to a more than two-week low of 2,484.
The index fell for an eighth straight session.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, declined $834 at $22,354.
The supramax index fell 31 points to 1,840.
Source: Reuters (Reporting by Anjishnu Mondal in Bengaluru; Editing by Rashmi Aich)