Baltic index gains for seventh straight session

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for seventh session in a row on Wednesday supported by stronger demand for larger vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 16 points, or 1.72 percent, to 948 points.

The capesize index climbed 44 points, or 4.47 percent, to 1,028 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $240 at $8,411.

The panamax index rose 26 points, or 2.12 percent, to 1,252 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $201 to $10,028 – its highest level since late April.

Among smaller vessels, the supramax index gained 12 points to 798 points, while the handysize index was up three points at 495 points.
Source: Reuters (Reporting by Eileen Soreng in Bengaluru; Editing by Shounak Dasgupta)

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