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Baltic index extends gains on higher rates for larger vessels

·1 min read

Sept 5 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, extended gains for a third straight session on Monday on higher rates for capesize and panamax vessel segments.

* The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 47 points, or 4.3%, at 1,133 points, its highest in nearly two weeks.

* The capesize index gained for the third consecutive session, rising 111 points, or 15.1%, to 844 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, rose by $924 to $7,000.

* The panamax index was up 56 points, or 4.4%, at 1,327 points, marking its best session in over five months.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was up $499 to $11,941.

* The supramax index fell for the seventh consecutive session, losing 16 points to 1,498 points. (Reporting by Harshit Verma in Bengaluru, editing by Ed Osmond)