February 27, 2020 / 1:57 PM / a month ago

Baltic index at 1-month high on higher panamax, supramax rates

Feb 27 (Reuters) - The Baltic Exchange’s main sea freight index rose to a one-month high on Thursday, helped by strong demand for panamax and supramax vessels, while the larger capesize segment dropped to a record low.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 12 points, or 2.3%, to 529, its highest since Jan. 28.

* The panamax index gained 27 points, or 3.1%, to 886, registering its 16th straight session of gains

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased by $239 to $7,972

* The supramax index rose 13 points to 590

* The capesize index slipped 10 points to -300, its lowest on record.

* “There is very limited amount of good news around, but the period market has at least remained somewhat active,” ship broker Fearnleys said on Wednesday, referring to the capesize segment.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, rose by $9 to $2,367. (Reporting by Brijesh Patel in Bengaluru; Editing by Vinay Dwivedi)

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