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Baltic index rises on higher capesize, panamax rates
July 2, 2012 / 3:48 PM / 5 years ago

Baltic index rises on higher capesize, panamax rates

July 2 (Reuters) - The Baltic Exchange's main sea freight
index, tracking rates for ships carrying dry
commodities, rose on Monday as rates for both capesize and
panamax vessels firmed up.
    The overall index, which reflects the daily freight market
prices for capesize, panamax, supramax and handysize dry bulk
transport vessels, was up 0.9 percent at 1,013 points. The index
has lost about 42 percent this year.
    The capesize index rose 14 points or 1.18 percent to
1,204 points.
    Average daily earnings for capesizes, which usually
transport 150,000 tonne cargoes such as iron ore and coal, were
up $178 at $4,166.
    However, capesize rates have fallen about 85 percent this
year. The rates have averaged $6,534 for the first six months.
    Capesize rates are operating well below their operating
costs of about $7,000, RS Platou Markets analyst Frode Morkedal
said.
    The Baltic Exchange's panamax index rose 0.91
percent to 993 points, with average daily earnings for
panamaxes, which typically transport 60,000-70,000 tonne cargoes
of coal or grains, up $75 at $7,910.
    Rates for supramax vessels were up $73 at $13,218 and those
for handysizes were down $9 at $10,405.

 (Reporting by NR Sethuraman in Bangalore, editing by William
Hardy)

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