Stronger Capesize Rates Lifts Baltic Index to One-Week High

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a one-week high on Monday, supported by rising rates for the capesize vessel segment.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 3 points, or 0.2 percent, to 1,579 points, highest since Oct. 15.

* The capesize index gained 66 points, or 3 percent, to 2,296 points, its highest in over a month.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $248 at $19,180.

* The panamax index was down 19 points, or 1.1 percent, at 1,756 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, declined $149 to $14,068.

* The supramax index fell 7 points to 1,163 points.

Reporting by K. Sathya Narayanan in Bengaluru