Dry Bulk: Baltic Index Flat

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, was nearly flat on Wednesday, as weaker capesize rates were countered by stronger demand for panamax and supramax vessels.

The overall index, which factors in rates for capesize, panamax and supramax vessels, dipped 1 point, or 0.1 percent, to 1,735 points.

The capesize index fell by 55 points, or 1.6 percent, to 3,371 points.

Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, fell $272 to $25,054.

The panamax index rose 30 points, or 2 percent, to 1,560 points. It marked its seventh straight session rise.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $243 to $12,500.

The supramax index rose 9 points to 1,078 points.

(Reporting by Harshith Aranya in Bengaluru; Editing by Arun Koyyur)