Baltic Index Powers to Near Three-month High on Broad Rate Gains

The Baltic Exchange's dry bulk sea freight index rose 51 points on Thursday to 3,107, its highest level in nearly three months, extending gains for a sixth consecutive session as rates increased across all vessel segments.

The main Baltic index rose 1.7 per cent to 3,107.

The Capesize index gained 105 points, or 2.1 per cent, to 5,138, also its highest level since June 3.

Average daily earnings for Capesize vessels rose $950 to $43,098.

Iron ore futures edged lower, as pressure from rising costs of coking coal offset stronger steel exports.

The Panamax index was up 46 points, or 2.1 per cent, at 2,292, logging its highest level since August 12.

Average daily earnings for Panamax vessels rose $419 to $20,632.

Among smaller vessels, the supramax index gained one point, or 0.06 per cent, to 1,645.

(Reporting by Vedika Thorat in Bengaluru; Editing by Shailesh Kuber)