December 3, 2019 / 3:43 PM / 9 days ago

Baltic index up for 8th session on robust rates for capesize vessels

Dec 3 (Reuters) - The Baltic Exchange’s main sea freight index rose for an eighth straight session on Tuesday, supported by stronger rates for capesize and panamax vessels.

* The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, increased 38 points, or 2.4%, to 1,606 points.

* The capesize index gained 119 points, or 3.7%, to 3,350, its highest since Sept. 26.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased $709 to $25,202.

* Higher demand from China for large-scale infrastructure projects could cause an increase in iron ore cargoes in 2020, Allied Shipbroking said in a note on Monday.

* The panamax index gained 33 points, or 2.6% to 1,315 points, its highest in more than three weeks.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $264 to $10,532.

* The supramax index edged up 6 points to 825 points, registering its tenth consecutive session of gains. (Reporting by Anjishnu Mondal in Bengaluru; Editing by Maju Samuel)

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