Baltic Index Gains for Fifth Session on Robust Vessel Rates
The Baltic Exchange's main sea freight index extended gains for a fifth straight session on Wednesday buoyed by strong demand across all vessel segments.
* The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 86 points, or 4.6%, to 1,950 points, a high since July 24.
* The capesize index climbed 134 points, or 3.9%, to 3,588 points - a two-week high.
* Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $1,343 to $27,455.
* The panamax index was up 90 points, or 4.5%, at 2,089 points, its highest since July 26.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $725 to $16,708.
* The supramax index was up 30 points to 1,022 points, a peak since November 2018.
(Reporting by Shreyansi Singh in Bengaluru; Editing by Shailesh Kuber)