Baltic index up as rates firm across vessel segments

The Baltic Exchange's main sea freight index rose on Wednesday, buoyed by firmer rates across all vessel segments.

The main index added 73 points, or 3.8 per cent, to 1,994 points. On Tuesday, the contract hit its lowest level since July 16.

The Capesize index was up 181 points, or six per cent, at 3,187. Average daily earnings for Capesize vessels rose $1,505 to $26,434.

Iron ore futures ticked down, as concerns of demand languishing in coming weeks in top consumer China and some investors liquidating positions to shift their focus to coking coal weighed.

The Panamax index snapped a 15-session losing streak, up 18 points, or 1.1 per cent, at 1,643. Average daily earnings for Panamax vessels rose $166 to $14,791.

Among smaller vessels, the supramax index added 21 points, or 1.6 per cent, to 1,300, its highest level since July 23.

(Reporting by Ishaan Arora in Bengaluru; Editing by Vijay Kishore)