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Baltic index extends gains on robust capesize demand

Source: Reuters, August 27, 2019

The Baltic Exchange’s main sea freight index rose on Friday, notching up a second straight weekly gain, propelled by stronger capesize rates.

The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 50 points, or 2.4%, to 2,168, its highest since July 22.

The main index also posted a 3.8% weekly increase, gaining for a second straight week.

The capesize index jumped 162 points, or 4.2%, to 3,991, its highest in more than a month.

The index posted its second weekly gain, up about 4.3%.

Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $947 to $30,437.

The panamax index gained 15 points, or 0.7%, to 2,196. The index has risen 1.2% this week.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $127 to $17,583.

The supramax index was up 29 points at 1,249.

News Source: REUTERS