Baltic index rises as all vessel segments post gains

The Baltic Exchange's main sea freight index climbed on Tuesday to its highest level in a month, buoyed by broad-based gains across all vessel segments.

The main index gained 83 points, or 4.7 per cent, to 1,866 points, its highest level since June 18.

The Capesize index rose 166 points, or seven per cent, to 2,533. Average daily earnings for Capesize vessels increased $1,370 to $21,003.

Iron ore futures rebounded, reversing early losses as positive economic data and strengthening ties between major producer Australia and top consumer China outweighed persistent weakness in China's property sector.

The Panamax index rose 41 points, or 2.1 per cent, to 1,990. The contract was up for a ninth straight session. Average daily earnings for Panamax vessels gained $370 to $17,914.

Among smaller vessels, the supramax index added 43 points, or 3.5 per cent, to 1,287.

(Reporting by Sherin Elizabeth Varghese in Bengaluru)