Baltic Index Higher on Demand for Larger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, inched up on Friday, helped by higher demand for capesize and panamax vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 10 points, or 0.6 percent, to 1,622 points, the highest since Dec. 14. The index was up for a second-consecutive week gaining 17.1 percent, its biggest weekly jump in four.

The capesize index gained 73 points, or 2.4 percent, to 3,086 points, a peak since Dec. 21. It was up 42.2 percent this week, the biggest weekly jump since the week ended April 20. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $228 to $24,273.

The panamax index was up 8 points, or 0.6 percent, to 1,347 points. * Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $65 to $10,821.

The supramax index shed 6 points to 999 points.

Reporting by Sumita Layek