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Baltic index rises on higher demand for capesize vessels

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a second straight session on Monday on higher capesize rates, while other vessel segments stayed flat.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 28 points, or 1.6%, at 1,788 points.

The capesize index gained 86 points, or 4.4%, at 2,041 points, on its best day in six.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, (.BATCA) gained $710 at $16,924.

The panamax index was flat at 2,082 points, following a four-session winning streak.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, (.BPWT) lost $1 at $18,741.

Among smaller vessels, the supramax index (.BSIS) was unchanged at 1,663 points.

Source: Reuters

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