Baltic Index ticks higher as Panamax Rates climb

LONDON : The Baltic Exchange’s dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, edged higher on Monday, buoyed by gains in the panamax vessel segment.

The index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 3 points to 738 points.

The panamax index gained 30 points to 830 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased by $270 to $7,469.

The capesize index was down 13 points to 861 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $108 to $7,144.

Among smaller vessels, the supramax index was down 1 point at 602 points, the lowest since June 2020.

Source : Reuters