Baltic index ticks up on firm demand for larger vessels

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 29 (Reuters) - The Baltic Exchange's main sea freight index edged up on Wednesday on higher rates for capesize and panamax vessel segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 5 points to 1,407.
* The capesize index was up 16 points, or about 1%, to 1,662.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes for commodities such as iron ore and coal, increased $133 to $13,788.
* Dalian iron ore futures extended gains to a third straight session on prospects of tighter supply of the steel-making ingredient and optimism over steel demand in China.
* The panamax index snapped a losing streak of nine sessions, adding 37 points, or about 2.4%, to 1,598.
* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $335 to $14,386.


* Among smaller vessels, the supramax index fell 30 points to 1,285. (Reporting by Ananya Bajpai in Bengaluru; Editing by Shweta Agarwal)

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