Baltic Index Up for Second Session on Firmer Vessel Rates
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday for the second straight session on higher rates for capesize and panamax vessels segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, increased 29 points, or 1.7 percent, to 1,718 points.
* The capesize index rose 99 points, or 3.1 percent, to 3,304 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $630 to $25,076.
* The panamax index rose 9 points, or 0.6 percent, to 1,566 points, a level not touched since March.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $72 to $12,529.
* The supramax index rose 5 points to 1,028 points.
Reporting by Sumita Layek in Bengaluru