* The overall index, which factors in rates for capesize,
panamax and supramax shipping vessels, gained 42 points, or
2.6%, at 1,640.
* The capesize index was up 121 points, or 4.8%, at
2,630 — its highest since late December.
* Average daily earnings for capesizes , which
typically transport 150,000-tonne cargoes carrying commodities
such as iron ore and coal, increased $121 to $2,630.
* "Transatlantic activity against a weaker tonnage demand
for both Brazilian and Australian stems toward China" improved
capesize earnings, shipbroker Intermodal wrote in a weekly note.
* Benchmark iron ore futures rose on renewed optimism around
demand prospects in top steel producer China, though other
steelmaking ingredients, including coking coal, slumped after a
two-day advance.
* Among smaller vessels, the supramax index was up
17 points at 1,114.
* The panamax index slipped 13 points to 1,481 — its
lowest in over 10 weeks.
* Average daily earnings for panamaxes , which
usually carry coal or grain cargoes of about 60,000 to 70,000
tonnes, lost $117 at $13,333.
* "Brazil's record harvest this year could benefit the
panamax and supramax ships," BIMCO's shipping analyst Filipe
Gouveia wrote in a note.
* "However, higher exports of other animal feed products
such as soybeans and soybean meal could offset the loss.
Overall, we expect global exports of grains to stagnate this
year," Gouveia added.
(Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi
Majumdar)
