* The overall index, which factors in rates for capesize,
panamax and supramax shipping vessels, rose 109 points, or about
11%, to 1,099 — its highest since Jan. 10.
* The dry bulk market looked optimistic in the short term on
an expected increase in Chinese iron ore demand if construction
activity recovers, and seasonal Brazilian exports, said
Yiannis Parganas, head of Intermodal Research Department.
* Iron ore futures jumped on Wednesday, as
better-than-expected China manufacturing activity data raised
hopes for a demand rebound in the world's top steel producer.
* However, headwinds in the short term such as reduced port
congestion and weak global economic conditions could dampen
rates, Parganas said.
* Among other vessel segments, the capesize index rose 200 points, or 27.4%, to 929, marking its eighth straight
session of gains.
* Average daily earnings for capesizes , which
typically transport 150,000-tonne cargoes such as iron ore and
coal, increased $1,661 to $7,703.
* The panamax index gained 94 points, or about 6.6%,
at 1,515, its highest in near 10 weeks.
* Average daily earnings for panamaxes , which
usually carry coal or grain cargoes of about 60,000 to 70,000
tonnes, were up $849 at $13,634.
* Among smaller vessels, the supramax index rose 51
points to 1,156.
(Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi
Majumdar)
