Baltic index rises as capesize segment touches year-high
By: Reuters | Nov 04 2014 at 12:18 PM | Liner Shipping
The Baltic Exchange’s main sea freight index, which tracks freight rates for ships carrying dry bulk commodities, rose on Tuesday thanks to the capesize index leaping to its highest level for the year.
The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, climbed 28 points, or about 2 percent, to 1,484 points.
The Baltic’s capesize index rose 141 points, or 3.87 percent, to 3,781 points. The index has risen about 89 percent in the past two weeks.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $1,098 to $27,866. They have jumped about 93 percent over the past two weeks.
The Baltic’s panamax index was down 3 points, or 0.24 percent points, at 1,238 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of 60,000-70,000 tonnes, fell $26 to $9,920.