Baltic Index Hits Near 7-month High on Rising Capesize Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for the sixth straight session on Thursday due to higher demand for capesize vessels.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 45 points, or 2.872 percent, to 1,612 points, the highest since Dec. 15.

* The capesize index gained 270 points, or 9.843 percent, to 3,013 points, a peak since Dec. 21.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $1,198 to $24,045.

* Tight supply and markedly increased demand on front haul and transatlantic trades, with assistance from healthy west Australia export volumes, have supported the big ships, ship broker Fearnleys said in a weekly report on Wednesday referring to the capesize segment.

* The panamax index was up five points, or 0.375 percent, at 1,339 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $42 to $10,756.

* The supramax index fell 12 points to 1,005 points.

Reporting by Vijaykumar Vedala in Bengaluru