Baltic index gains as capesizes, supramaxes hit over 1-month highs.
Byline: S. Kamal Hayder Kazmi
The Baltic Exchange's dry bulk sea freight index advanced on Wednesday, steered by gains in the capesize and supramax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 71 points, or 2.1 percent, to 3,423, touching its highest level since Nov. 1.
The dry bulk market is mainly iron ore and coal driven at this point, with higher momentum in the Atlantic on relative vessels' supply tightness, shipbroker Intermodal said in a weekly note dated Tuesday.
The capesize index advanced 206 points, or 4.1 percent, to 5,189, its highest level in a month-and-a-half.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $1,706 to $43,030.
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