Baltic Index Rises on Firmer Capesize Rates

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday, boosted by stronger demand for capesize vessels.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 27 points, or 1.6 percent, at 1,703 points.

The capesize index gained 83 points, or 2.6 percent, at 3,280 points.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $672 to $24,496.

The panamax index was down one point, or 0.1 percent, at 1,587 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $7 to $12,688.

The supramax index was flat at 1,035 points.

(Reporting by Harshith Aranya)