Higher Capesize vessel rates push Baltic index up

The Baltic Exchange's main sea freight index rose on Tuesday on higher rates for the Capesize vessel segment.

The main index rose 19 points, or 0.9 per cent, to 2,035 points.

The Capesize index gained 80 points, or 2.7 per cent, to 3,061. Average daily earnings for Capesize vessels increased $670 to $25,390.

Iron ore futures prices closed higher for a fifth straight session on Tuesday, buoyed by expectations of further stimulus after Beijing unveiled a $170 billion hydropower project to boost economic growth.

The Panamax index fell six points, or 0.3 per cent, to 1,909. Average daily earnings for Panamax vessels lost $50 to $17,182.

Among smaller vessels, the supramax index lost 17 points, or 1.3 per cent, to 1,329.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Shreya Biswas)