Baltic index climbs to one-month peak on strong Capesize rates

The Baltic Exchange's main sea freight index rose on Wednesday to a one-month high, supported by a strong uptick in Capesize vessel rates.

The main index gained 40 points, or 2.1 per cent, to 1,906 points, its highest level since June 17.

The Capesize index rose 109 points, or 4.3 per cent, to 2,642. Average daily earnings for Capesize vessels increased $905 to $21,908.

Iron ore futures climbed, buoyed by strengthening ties between top producer Australia and leading consumer China, though gains were capped by concerns over persistent weakness in China's property sector.

The Panamax index fell 23 points, or 1.2 per cent, to 1,967. The contract snapped a nine session winning streak. Average daily earnings for Panamax vessels lost $214 to $17,700.

Among smaller vessels, the supramax index added 28 points, or 2.2 per cent, to 1,315.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Tasim Zahid)