Baltic index boosted by higher capesize vessel rates
Sept 21 (Reuters) - The Baltic Exchange's main sea freight index rose on Monday, hitting its highest in nearly two weeks, driven by higher rates for capesize vessels.
* The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up 18 points, or 1.4%, at 1,314 points.
* The capesize index gained 40 points, or 2.1%, to 1,940 points.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $328 at $16,089.
* Intermediate and Feeder containership charter rates have rallied to multi-year highs as bookings of Chinese exports to the U.S. are up 89% year-over-year on soaring demand from retailers ahead of seasonal holiday, Randy Giveans, vice-president, equity research, at Jefferies, said in a note.
* The panamax index was up six points, or 0.5%, at 1,321 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $56 to $11,891.
* Among smaller vessels, the supramax index rose nine points to 950 points, while the handysize index rose three points to 561 points. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Krishna Chandra Eluri)
