Baltic Index up on Stronger Rates Across All Segments

File Image: (c) Lidian Neeleman AdobeStock

Posted by Joseph Keefe

The Baltic Exchange's main sea freight index,
tracking rates for ships carrying dry bulk commodities, rose on
Thursday as rates for all vessel segments strengthened, with
capesize vessels extending gains the most.

The overall index, which factors in rates for capesize, panamax,
supramax and handysize shipping vessels, was up 33 points, or
3.79 percent, at 904 points, its highest in more than five weeks.

The capesize index snapped a three-day losing streak and rose 103
points, or 10.36 percent, to end at 1,097 points.

Average daily earnings for capesizes, which typically transport
150,000-tonne cargoes such as iron ore and coal, were up $678 at
$8,571.

The panamax index was up 43 points, or 4.13 percent, at 1,084
points.

Average daily earnings for panamaxes, which usually carry coal or
grain cargoes of about 60,000 to 70,000 tonnes, increased $345 to
$8,711.

Among smaller vessels, the supramax index rose 7 points to 840
points, while the handysize index rose 6 points to 457 points.

Reporting by Nithin Prasad in Bengaluru

Mar 2, 2017

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