October 9, 2019 / 1:31 PM / 8 days ago

Baltic index rises on uptick in capesize rates

Oct 9 (Reuters) - The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, jumped on Wednesday, boosted by stronger demand for capesize vessels.

* The Baltic index, which reflects rates for capesize, panamax and supramax vessels, rose 72 points, or 4%, to 1,873, its biggest daily percentage gain since Aug. 30.

* The capesize index jumped 177 points, or 5.8%, to 3,208, recording its steepest percentage rise in over five weeks.

* The average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $1,470 to $25,598.

* The panamax index climbed 48 points, or 2.7%, to 1,852.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $387 to $14,840.

* The supramax index nudged up 5 points to 1,204. (Reporting by Nakul Iyer in Bengaluru)

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