January 22, 2018 / 2:55 PM / 7 months ago

Baltic index up but gains capped by falling capesizes rates

Jan 22 (Reuters) - The Baltic Exchange’s main sea freight index rose for the first time in nearly two weeks on Monday as rates of panamax segment firmed up, but gains were capped by a slide in capesize rates.

* The overall index, which tracks rates for ships carrying dry bulk commodities, rose 4 points, or 0.36 percent, to 1,129 points, after falling for the previous eight consecutive sessions.

* Baltic index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, on Friday fell to 1,125 points, its lowest level in over five months.

* The panamax index rose 29 points, or 2.18 percent, to 1,362 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $227 to $10,920.

* The capesize index fell to a five-month low, down 48 points, or 3.22 percent, to 1,445 points. It fell 35 percent last week, its biggest weekly percentage decline in two years.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $113 to $11,458.

* Among smaller vessels, the supramax index rose 2 points up to 913 points, while the handysize index climbed 1 point to 585 points. (Reporting by Sumita Layek in Bengaluru;Editing by Arun Koyyur)

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