Baltic index edges higher on firmer Capesize demand

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The Baltic Exchange’s main sea freight index, tracking rates for ships ferrying dry bulk commodities, rose for the second straight session on Friday, boosted by stronger capesize demand.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 11 points, or 1.1 percent, to 1,031 points.

* However, the index has declined for the fourth consecutive week, and has lost nearly 30 percent in the last two weeks.

* The capesize index rose 5 percent, or 50 points, to 1,057 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased $346 to $8,804.

* The panamax index lost 13 points, or 0.9 percent, to 1,453 points, its lowest since Aug. 16.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased by $109 to $11,622.

The supramax index eased 1 point to 969 points.

(Source: Reuters)

Sea News, November 19

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