Baltic index up for third straight day as larger vessels lend support

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third straight day on Friday, boosted by stronger rates for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 25 points, or 3.03 percent, at 849 points.

The capesize index rose 57 points, or 4.13 percent, to 1,438 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $733 at $11,021.

“Capesize vessels are closing the week on a much firmer footing on the back of fresh activity out of Western Australia,” Clarksons Platou Securities analysts said in a note.

The panamax index was up 20 points, or 2.52 percent, at 813 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $156 to $6,517.

Among smaller vessels, the supramax index was up 5 points at 654 points, while the handysize index was flat at 425 points.