Smaller Vessels Boost Baltic Dry Index

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March 9, 2015


March 9 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose Monday on higher demand for smaller vessels.

The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize vessels, rose three points, or 0.53 percent, to 568 points.

The panamax index was up three points at 590 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of 60,000 to 70,000 tonnes, were up $22 at $4,728.

The capesize index, which typically transport 150,000-tonne cargoes such as iron ore and coal, was down two points, or 0.43 percent, to 468 points. Average daily earnings for the segment fell $76 to $4,692.

The supramax index climbed seven points to 573 points while the handysize index was up four points at 356 points.

Average daily earnings for supramax vessels rose $74 to $5,990, while earnings for handysize vessels gained $59 to $5,166. (Reporting By Nallur Sethuraman in Bengaluru, editing by David Evans)

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