Baltic Index Edges Higher on Firmer Capesize Vessel Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched up on Friday, after declining for three-consecutive sessions, as rates for capesize vessels gained.
The overall index — which factors in rates for capesize, panamax, supramax and handysize shipping vessels — was up 9 points, or 0.75 percent, at 1,209 points, MANA correspondent reported.
The capesize index gained 73 points, or 3.13 percent, at 2,406 points.
The dry bulk market is gaining back some ground into the weekend. Capesize physical earnings have lifted to about $17,900/day worldwide on the back of firmer fixture levels in the Pacific, according to a Clarksons Platou Securities note.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $441 at $17,918.
The panamax index was down 24 points, or 1.91 percent, at 1,235 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $191 to $9,908.
Among smaller vessels, the supramax index rose 5 points to 845 points, while the handysize index rose 1 point to 474 points.