Baltic Index Rises on Strong Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday, driven by strong rates for capesize vessels.

* The overall index - which factors in rates for capesize, panamax and supramax shipping vessels - rose 29 points, or 1.7 percent, to 1,695 points, levels last seen in December.

* The capesize index was up 82 points, or 2.6 percent, at 3,238 points, highest since December.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose by $700 to a seven-month high of $24,987.

* "We continue to believe the dry bulk shipping market is likely to improve in the coming quarters due to firm supply/demand fundamentals," Jefferies analysts wrote in a weekly client note on Monday.

* The panamax index was up 2 points at 1,529 points, levels not seen since March.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $11 to a near four-month high of $12,244.

* The supramax index rose 3 points to 998 points.

Reporting by Kishan Nair in Bengaluru