Baltic Dry Index Closing in On 400

March 9 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday, helped by stronger demand for panamaxes and smaller vessels.

The overall index that gauges the cost of shipping cargoes including iron ore, cement, grain, coal and fertiliser, was up 10 points, or 2.73 percent, to 376 points.

The panamax index rose 25 points, or, 5.92 percent to 447 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, climbed $200 to $3,593.

Among smaller vessels, the supramax index gained 13 points to 399 points, and the handysize index was up three points at 243 points.

The capesize index, which had recovered a little on Tuesday after hitting a record low of 161 points on Monday, slipped 2 points, or 1.11 percent, to 178 points.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes, fell $34 to $2,252 on Wednesday. Iron ore shipments account for around a third of seaborne volumes on the larger capesizes. (Reporting by Apeksha Nair in Bengaluru)

(c) Copyright Thomson Reuters 2016.

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