* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, soared 47 points or 4.02 percent to 1,215 points.
* The Baltic’s capesize index surged 101 points or 4.31 percent to 2,445 points, a more than 10-month high.
“In recent weeks, increased Chinese demand for iron ore has boosted capesize spot rates to year-to-date highs,” GHS Research analyst Omar Nokta said in a note.
* “Upcoming U.S. grains export season should bolster dry bulk trade further,” he added.
* Capesize rates are expected to reach two-year highs by November, RS Platou Markets analyst Frode MÃ¸rkedal said in a note.
* Average daily earnings for capesizes, which usually transport 150,000 tonne cargoes such as iron ore and coal, were up $1,517 at $17,854.
* The Baltic’s panamax index, rose 12 points or 1.3 percent to 933 points.
* Average daily earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grain, were up $103 at $7,456.
* “The dry bulk market continues to be the fastest growing shipping segment in our view, outpacing LPG, LNG, crude, product or containers,” Nokta said. (Reporting by Shrutee Sarkar in Bangalore; editing by Jane Baird)
(c) 2013 Thomson Reuters