September 3, 2019 / 12:57 PM / 17 days ago

Baltic index up for ninth-straight session on firmer capesize demand

Sept 3 (Reuters) - The Baltic Exchange’s main sea freight index rose for a ninth-straight session on Tuesday, holding on to a near nine-year peak touched last week, helped by stronger capesize demand.

* The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 59 points, or 2.4%, to 2,501, a level last seen in November 2010.

* The capesize index rose 203 points, or 4.4%, to 4,862 points, its highest since June 2010.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $1,418 to $37,519.

* Chinese iron ore futures rose more than 4% on Tuesday, extending gains into a fourth session, as steel mills restocked raw materials.

* The panamax index fell one point to 2,261.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, fell $3 to $18,113.

* The supramax index gained four points to 1,350. (Reporting by Anjishnu Mondal in Bengaluru)

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