Baltic Index Ticks Upward

The Baltic Exchange's main sea freight index climbed on Monday, as demand for capesize and panamax vessels rose.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up 35 points, or 2.6%, at 1,385.

The Baltic capesize index rose 91 points, or 4.1%, to 2,297.

Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, were up $755 at $19,051.

Futures of steelmaking ingredients in China rose on Monday, with iron ore posting its biggest one-day gain in eight weeks and coke scaling a 12-month high on strong demand, as the world's top steel producer continues to ramp up output.

The panamax index was up 27 points, or 2.2%, at 1,254.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $242 to $11,287.

However, the supramax index dipped 8 points to 862.

(Reporting by Diptendu Lahiri; Editing by Vinay Dwivedi)