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Baltic index rises for eighth session on panamax vessel demand
in Dry Bulk Market 14/10/2017


The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, was up for an eighth straight session on Friday, mainly driven by demand for panamax vessels shipping grain.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 27 points, or 1.85 percent, at 1,485 points. The index has risen for a second straight week, gaining 5.7 percent this week.
The panamax index jumped 50 points, or 3.21 percent, to 1,606 points, a peak not touched since April. The index gained for a second week, surging over 14 percent on demand for grain cargoes in the Atlantic.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $404 to $12,905, their highest since April 19.
The capesize index snapped its four-session losing streak and was up by 12 points, or 0.42 percent, to close at 2,871 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $154 at $20,047.
Among smaller vessels, the supramax index rose 19 points to end at 1,069 points, while the handysize index increased 14 points to close at 649 points, its highest since March 2014.
Source: Reuters (Reporting by Sumita Layek in Bengaluru)