Baltic Index Continues to Rise on Firmer Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday for the third consecutive session, boosted by stronger demand for capesize vessels.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 13 points, or 0.7 percent, at 1,760 points.
* The capesize index gained 44 points, or 1.3 percent, at 3,515 points, its highest since Dec. 18.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $506 to $26,204.
* The panamax index was down 31 points, or 2.0 percent, at 1,539 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $248 to $12,307.
* The supramax index rose one point to 1,036 points.
Reporting by Harshith Aranya in Bengaluru