Baltic Index Gains as Capesize Vessel Rates Rise

The Baltic Exchange's main sea freight index rose for a second consecutive session on Tuesday, buoyed by stronger rates for capesize vessels.

The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up seven points, or 0.5%, at 1,289 points.

The capesize index gained 24 points, or 1.3%, at 1,922 points, hitting its highest since Sept. 7

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $205 to $15,942.

China's industrial output rose at the fastest pace in eight months in August, while its crude steel production set a monthly record high, suggesting the economic recovery was gathering pace in the world's top consumer of metals.

The panamax index was down four points, or 0.3%, at 1,296 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $38 to $11,666.

Among smaller vessels, the supramax index fell two points to 912 points, while the handysize index fell four points to 554 points.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Amy Caren Daniel)