Join our crew and become one of the 104,736 members that receive our newsletter.

Soaring Capesize Rates Push Baltic Index Past 1,000

Soaring Capesize Rates Push Baltic Index Past 1,000

Reuters
Total Views: 19
March 7, 2017

File Photo courtesy Rio Tinto

ReutersMarch 7 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, closed at a 12-week high on Tuesday on stronger rates across all vessel segments, especially capesizes.

The overall index, which also factors in rates for panamax, supramax and handysize shipping vessels, ended up 54 points, or 5.52 percent, at 1,033 points.

The capesize index surged 211 points, or 15.69 percent, to end at a six-week high of 1,556 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,427 to $11,866.

The panamax index closed up 40 points, or 3.47 percent, at 1,194 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $321 to $9,592.

Among smaller vessels, the supramax index rose nine points to finish at 861 points, while the handysize index rose nine points to finish at 477 points. (Reporting by Nithin Prasad in Bengaluru; Editing by Savio D’Souza)

(c) Copyright Thomson Reuters 2017.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,736 members delivered daily straight to your inbox.

Join Our Crew

Join the 104,736 members that receive our newsletter.