Baltic Index Rises on Higher Demand
The Baltic Exchange's main sea freight index that tracks rates for ships ferrying dry bulk commodities edged higher on Wednesday, helped by rising demand for panamax vessels.
* The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 5 points, or 0.7%, to 768.
* The capesize index dropped 92 points, or 9.5%, to 878 - its lowest since April end.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, fell $244 to $9,011.
* A shrinking inventory of iron ore at China's ports kept investors wary about supply prospects, while thin trade volumes suggest waning demand.
* The panamax index climbed 58 points, or 7.6%, to 825.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $523 to $7,422.
* The supramax index dipped 4 points to 559.
(Reporting by Anjishnu Mondal in Bengaluru' Editing by Vinay Dwivedi)