Baltic Index Hits 2-Week High on Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for the third straight session to hit a two-week high on higher capesize vessel rates.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 37 points, or 3.2 percent, to 1,193 points.
* The capesize index also rose for a third straight session and gained 110 points, or 6.9 percent, to 1,712 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $783 to $13,963.
* The panamax index was up 25 points, or 2.1 percent, at 1,217 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $199 to $9,803.
* The supramax index was unchanged at 1,061 points.
Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun Koyyur