Firmer capesize rates buoy Baltic index
Baltic Exchange’s main sea freight index , which tracks rates for ships carrying dry bulk commodities, snapped a five-session losing streak on Wednesday on the back of strength in the capesize vessel segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 62 points, or about 2%, to 3,241.
The capesize index was up 206 points, or 6.3%, at 3,499.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased by $1,709 to $29,018.
The panamax index eased 10 points, or 0.2% to 4,150.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, declined by $90 to $37,347.
The supramax index fell 11 points to 2,909.
Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Aditya Soni)