Baltic Index Up on Firmer Capesize Demand
The Baltic Exchange's main sea freight index, tracking rates for ships transporting dry bulk commodities, rose for an 11th straight session on Wednesday, helped by stronger demand for capesize vessels.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 4 points, or 0.3 percent, to 1,574 points.
* The capesize index gained 51 points, or 2.4 percent, at 2,199 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $102 at $19,319.
* The panamax index picked up a point to mark 1,679 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $9 to $13,470.
* The supramax index rose 1 point to 1,190 points.
Reporting by Arijit Bose in Bengaluru