Baltic Index Rises as Capesize Rates Jump

The Baltic Exchange’s main sea freight index, tracking rates for ships ferrying dry bulk commodities, rose on Friday, helped by strong demand for capesize vessels.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 64 points, or 4.2 percent, to 1,579 points.

* The capesize index marked its highest daily percentage gain since July 12 rising 8.2 percent, or 164 points, to 2,169 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $1,541 at $18,746.

* The panamax index rose 12 points or 0.7 percent to 1,775 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $94 to $14,227.

* The supramax index fell 3 points to 1,204 points.

Reporting by Harshith Aranya in Bengaluru