Stronger Capesize Rates Give Baltic Dry Bulk Index a Fresh Nudge

The Baltic Exchange's dry bulk freight index inched up on Tuesday, buoyed by stronger Capesize rates.

The main Baltic index rose nine points, or 0.3 per cent, to 3,584.

The Capesize index was up 27 points, or 0.4 per cent, to 6,313.

Average daily earnings for Capesize vessels increased by $242 to $53,570.

Iron ore prices rose for a fourth straight session, helped by falling shipments and hopes of demand picking up seasonally in top consumer China, although elevated portside stocks and thin steel margins limited gains.

The Panamax index fell 17 points, or 0.7 per cent, to reach 2,414.

Average daily earnings for Panamax vessels fell $154 to $21,724.

The supramax index was up 11 points, or 0.7 per cent, to 1,693.

(Reporting by Katha Kalia in Bengaluru; Editing by Vijay Kishore)