Baltic index hits 1-week peak as vessel rates gain

4 days ago 32

Nov 24 (Reuters) - The Baltic Exchange’s dry bulk sea freight index touched a one-week high on Thursday, propelled by stronger demand across vessels segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, added 58 points, or about 4.9%, to 1,242.

* The capesize index jumped 165 points, or 13.5%, to 1,384, its highest since Nov. 14.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $1,373 to $11,479.

* Dalian iron ore futures snapped a three-session losing streak as recent support measures for China’s property sector outweighed worries over the recent rise in COVID-19 cases.

* The panamax index snapped a five-session losing streak and edged up 2 points, or 0.1%, to 1,466.

* Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $15 to $13,195.

* The supramax index rose 11 points to 1,174. (Reporting by Rahul Paswan in Bengaluru Editing by Mark Potter)

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