Higher rates for bigger vessels perk up Baltic index

[NEW YORK] The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to rise on Thursday, helped by higher rates for larger vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 34 points, or 3.77 per cent, at 937 points.

The capesize index rose 271 points, or about 13 per cent, to 2,389 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up US$935 at US$15,301.

Freight rates for large capesize dry cargo shippers on key Asian routes are set to climb ahead of China's week-long National Day holiday that starts late next week, ship brokers said on Thursday.

The panamax index was up 27 points, or 4 per cent, at 700 points, highest in nearly a month.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased US$214 to US$5,611.

Among smaller vessels, the supramax index was up 6 points at 668 points, while the handysize index rose 2 points to 420 points.

REUTERS