September 2, 2019 / 4:02 PM / 13 days ago

Baltic index hits new nine-year high on strong capesize demand

Sept 2 (Reuters) - The Baltic Exchange's main sea freight index rose for an eighth-straight session on Monday, beating a near nine-year peak marked at the end of last week and helped by robust capesize demand.

* The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 64 points, or 2.7%, to 2,442, a level last seen in November 2010.

* The capesize index rose 192 points, or 4.3%, to 4,659 points.

* Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $1,518 to $36,101.

* China's iron ore futures jumped to a two-week high on healthy short-term demand after Beijing vowed more stimulus for the country's economy.

* The panamax index rose 2 points, or 0.1%, to 2,262, its highest since December 2010.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $18 to $18,116.

* The supramax index gained 10 points to 1,346. (Reporting by Anjishnu Mondal in Bengaluru; Editing by Susan Fenton)

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