THE Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose at the end of last week propelled by higher rates across all vessel segments.
The index, which factors in the average daily earnings of dry bulk transport vessels was up seven points, or 1.2 per cent, at 591 points, Reuters reports.
The capesize index rose 16 points, or 3.93 per cent, to 423 points. Average daily earnings for capsize vessels, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose US$126 to $4,174.
The panamax index rose four points, or 0.65 per cent, to 617 points. Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000-tonne cargoes of coal or grain, increased by $28 to $4,941.
Dry bulk spot activity is on the rise, according to Omar Nokta, of Clarkson Capital Markets: "There has been a higher level of capesize iron ore bookings in Australia and increased panamax activity in South America," he said.
The indices for the relatively smaller vessels - handysize and supramax - were up one point at 384 points and eight points at 635 points respectively.
MARKETS
30 March 2015 - 04:43
Baltic index rises spurred on by higher freight rates
THE Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose at the end of last week propelled by higher rates across all vessel segments.
MARKETS
30 March 2015 - 04:43
Baltic index rises spurred on by higher freight rates
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