Baltic index rises to over two-week high as all segments post gains

The Baltic Exchange's dry bulk sea freight index extended gains on Thursday, reaching a more than two-week high, on stronger rates across all vessel segments.

The main index, which monitors rates for capesize, panamax, and supramax shipping vessels, rose by 53 points to mark its highest level since April 7, at 1,353 points.

The Capesize index gained 114 points to its highest since April 8 at 1,846. Average daily earnings for capesize vessels rose $945 to $15,307.

However, iron ore futures fell on a stronger supply outlook from rising shipments, although seasonal demand for the key steelmaking ingredient limited the decline.

The Panamax index was up 39 points, or 2.9 per cent, to 1,372, highest since April 4. Average daily earnings for Panamax vessels edged $349 higher to $12,345.

Among smaller vessels, the supramax index climbed to a three-week high, adding 12 points, or 1.3 per cent, to 976.

(Reporting by Sarah Qureshi in Bengaluru; Editing by Sahal Muhammed)