Firmer demand for panamax, smaller vessels perk up Baltic index

[LONDON] The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities continued to rise on Friday helped by higher rates for panamaxes and smaller vessels.

The overall index that factors in the rates for capesize, panamax, supramax and handysize shipping vessels, was up four points, or about one per cent, to 388 points.

The panamax index rose 11 points, or, 2.36 per cent to 477 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, climbed $88 to US$3,827.

Among smaller vessels, the supramax index gained eight points to 420 points, and the handysize index was up three points at 249 points.

The capesize index fell two points to 176 points on Friday.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $46 to US$2,172.

REUTERS