Baltic index gains as rates rise across all vessels

The Baltic Exchange's main sea freight index rose to an over one-week high on Tuesday, supported by higher rates across all vessel segments.  

The main index added 97 points, or five per cent, to 2,041 points, highest since August 15.

The Capesize index gained 238 points, or 8.5 per cent, to 3,031 points. Average daily earnings for Capesize vessels rose $1,980 to $25,140.

"Spot iron ore activity appears to be driving spot gains this week with Chinese demand from both Australia and Brazil lifting the market higher," Jefferies analysts said in a note.

Iron ore futures prices were subdued, as fresh tariff threats from US President Donald Trump fuelled concerns about demand prospects.

The Panamax index was up 48 points, or 2.7 per cent, to 1,818 points, its highest since July 25. Average daily earnings for Panamax vessels rose $431 to $16,363.

Among smaller vessels, the supramax index added 13 points, or 0.9 per cent, to 1,437 points.

(Reporting by Pablo Sinha; Editing by Sahal Muhammed)