Baltic Index rises on Strong Rates across Vessels

LONDON : The Baltic Exchange’s Dry Bulk Sea Freight index, which monitors rates for vessels moving dry bulk commodities, rose on Friday as demand increased across all vessel segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, gained 20 points, or 1.6%, to 1,261. But the index was down 1% for the week, set for the fifth weekly loss in a row.

The capesize index rose by 22 points, or 1.3%, to 1,678; the index fell 7% during the week.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $179 to $13,913.

The panamax index added 35 points, or 2.8%, to 1,273. The index was set for weekly gains of 2.8%.

Average daily earnings for panamax vessels which usually carry 60,000-70,000 tons of coal or grain, was up $322 at $11,460.

Among smaller vessels, the supramax index added seven points, or 0.7%, to 950 points and was on track for its second straight week of gains.

The Baltic Exchange will not be trading on Friday and Monday in observances of Good Friday and Easter.

Source: Reuters