Baltic index rises on stronger rates for larger vessels

By Kitco News / January 25, 2018 / www.kitco.com / Article Link

Jan 25 (Reuters) - The Baltic Exchange's main sea freight index , which tracks rates for ships carrying dry bulk commodities, rose on Thursday on higher rates for capesizes and panamax vessels.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 17 points, or 1.42 percent, at 1,217 points.

* The capesize index gained 76 points, or 4.53 percent, at 1,752 points.

* "Capesize rates are edging higher yet again ... as the Pacific market continues to come alive," said analysts at shipbroker Clarksons Platou Securities.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $515 to $13,936.

* The panamax index rose 25 points, or 1.72 percent, at 1,481 points, its highest level since Dec. 20 last year.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $202 to $11,871.

* Among smaller vessels, the supramax index shed 4 points to 904 points, while the handysize index lost 3 points to 581 points.


(Reporting by Sumita Layek in Bengaluru)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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