Baltic index rises as larger vessels lend support

May 16, 2016

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, supported by higher rates for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 21 points at 600 points.

The capesize index gained 74 points to 798 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $734 to $6,286.

The panamax index was up eight points at 597 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $59 to $4,768.

Among smaller vessels, the supramax index was down two points at 553 points, while the handysize index remained flat at 347 points.

Source from : Reuters