Baltic index extends gains on firm larger vessels demand

April 4 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, extended gains on Tuesday supported by higher rates for larger vessel segments, especially capesizes.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 61 points, or about 4.3%, to 1,473 - its biggest daily percentage rise in three weeks.
* Brokerage Jefferies said the recent upswing in dry bulk rates looks to be more of a seasonal bounce than pronounced upturn, and flagged concerns over softer steel demand backdrop.
* The capesize index rose 144 points, or about 8.4%, to 1,867.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,193 to $15,483.
* The panamax index gained 60 points, or about 3.6%, to its highest since March 17 at 1,724.
* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $545 to $15,517.

* Among smaller vessels, the supramax index lost 11 points to 1,176. (Reporting by Ananya Bajpai in Bengaluru; Editing by Rashmi Aich)

Reuters

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Baltic index extends gains on firm larger vessels demand

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