Baltic Index Rises
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday on firmer capesize demand, even as rates across other vessel segments remained unchanged.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels snapped four straight sessions of losses and was up 19 points, or 1.4 percent, at 1,346 points.
* The capesize index rose 61 points, or 2.856 percent, to 2,197 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $459 to $17,349.
* Today was "another quiet day across the shipping segments due to holidays in Asia and Europe ... capesize earnings saw some support," analysts at ship broker Clarksons Platou Securities said.
* The panamax index was unchanged at 1,271 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, remained unchanged as well.
* The supramax index was also flat at 1,043 points.
Reporting by Nithin Prasad in Bengaluru