Stronger rates for Capesize and Panamax lift Baltic index

The Baltic Exchange's dry bulk sea freight index rose on Thursday, driven by higher rates for Capesize and Panamax vessels.

The main index increased by 23 points, or 1.2 per cent, to 1,963 points.

The Capesize index went up 43 points, or 1.6 per cent, to 2,816 points. Average daily earnings for Capesize vessels added $361 to $23,355.

Prices of iron ore futures rose for a third straight session on Thursday to hit multi-week highs, helped by hopes of improving China demand.

The Panamax index gained 39 points, or 2.3 per cent, to 1,758 points. Average daily earnings for Panamax vessels increased by $355 to $15,826.

Among smaller vessels, the supramax index fell six points, or 0.47 per cent, to 1,461 points, its lowest level in a week.

(Reporting by Pablo Sinha in Bengaluru; Editing by Vijay Kishore)