Baltic Index Rises as Capesize Marks 8th Session of Gains
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday as capesize vessel rates gained for the eighth straight session.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 15 points, or about one percent, at 1,570 points.
* "US-China trade tensions may have a net-positive impact on dry bulk ton-mile demand," Randy Giveans, vice president, equity research at Jefferies, said in a note.
* In the latest development in the ongoing trade tussle between the world's two biggest economies, China said on Tuesday it had postponed security talks with the United States, at Washington's request.
* The capesize index gained 87 points, or 4.2 percent, its largest daily percentage rise since July 31, to touch 2,148 points.
* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $468 to $19,217.
* The panamax index lost 14 points, or 0.8 percent, to 1,678 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $116 to $13,461.
* The supramax index fell four points to 1,189 points.
Reporting by Arijit Bose in Bengaluru
