Please use symbol entry at top right of page to search

Baltic index logs weekly gain on firm vessel demand

June 17 (Reuters) - The Baltic Exchange's main sea freight index rose for a fourth straight session and booked its first weekly gain in four on Friday, propelled by stronger demand across vessels.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, added 116 points, or 4.7%, to 2,578.

* The index was up 11.1% for the week.

* The capesize index gained 285 points, or 10.6%, to 2,987, notching a weekly rise of 26%, its biggest since mid-May.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $2,365 to $24,776.

* The gains came even as Dalian iron ore extended losses to a sixth session after Chinese steel mills opted to reduce output amid weak profits and deteriorating demand prospects.

* The panamax index added 72 points, or 2.6%, to 2,862 points.

* The index has gained nearly 9% this week, its best week since mid-April.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased by $644 to $25,757.

* The supramax index edged up 7 points to 2,467. (Reporting by Arundhati Sarkar in Bengaluru; Editing by Aditya Soni)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.