Baltic Index Rises on Higher Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Friday on higher capesize rates.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, increased 32 points, or 1.9 percent, to 1,689 points.

* The capesize index rose 75 points, or 2.4 percent, at 3,205 points. The index hit a seven-month high of 3,335 points on Tuesday. It also saw its fourth straight weekly rise, up 1.5 percent.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased by $619 to $24,446.

* The panamax index rose 19 points, or 1.2 percent, to 1,557 points, its highest since March. The index rose about 2 percent this week.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $150 to $12,457.

* The supramax index rose 7 points to 1,023 points. 

Reporting by Nallur Sethuraman in Bengaluru