January 25, 2018 / 3:00 PM / in 4 months

Baltic index rises on stronger rates for larger vessels

Jan 25 (Reuters) - The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Thursday on higher rates for capesizes and panamax vessels.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 17 points, or 1.42 percent, at 1,217 points.

* The capesize index gained 76 points, or 4.53 percent, at 1,752 points.

* “Capesize rates are edging higher yet again ... as the Pacific market continues to come alive,” said analysts at shipbroker Clarksons Platou Securities.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $515 to $13,936.

* The panamax index rose 25 points, or 1.72 percent, at 1,481 points, its highest level since Dec. 20 last year.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $202 to $11,871.

* Among smaller vessels, the supramax index shed 4 points to 904 points, while the handysize index lost 3 points to 581 points. (Reporting by Sumita Layek in Bengaluru)

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