19th July (Reuters) – The Baltic Sea Stock Exchange's most important seafreight index rose to its highest level since December 2013 on Friday, reflecting strong demand for Capesize and Panamax vessels.
* The Baltic index, which gives the rates for ships carrying bulk cargo, rose by nearly 2% or 40 points to 2,170, a peak since 24 December 2013.
* The index rose for the ninth time in a row The main reason behind this is the strong demand for ships transporting iron ore from Brazil to China.
* "Vale has resumed operations of the 30 million tonne Brucutu iron ore mine, leading to a massive increase in fixture activity and an even greater increase in Capesize spot prices," said Randy Giveans, vice president of equity research for Jefferies a note.
* The Capesize Index has risen 1
* Average daily earnings for Capesizes, which typically carry 170,000 tonnes to 180,000 tonnes of cargo such as iron ore and iron ore, rose $ 546 to $ 32,765.
* The Panamax Index increased by 36 points or 1.7% to 2,170 points, the highest level since December 2010.
* Average daily earnings for Panamaxe, which normally carry coal or grain freight between 60,000 and 70,000 tonnes. rose $ 295 to $ 17,348.
* The Supramax index was 29 points higher with 982 points. (Reporting by Eileen Soreng in Bengaluru, edited by Maju Samuel)