* The overall index, which factors in rates for capesize,
panamax and supramax shipping vessels, was up 142 points, or
about 21.1%, at 816, an over one-month high.
* The index, extending gains to a fifth session, recorded
its biggest jump since mid-June 2020, according to Refinitiv
data going back till 1985.
* The capesize index gained 183 points, or about
47%, to nearly a month's high of 573.
* Average daily earnings for capesizes , which
typically transport 150,000-tonne cargoes such as iron ore and
coal, gained $1,519 to $4,754.
* "There is still a good number of owners who prefer to let
their ships wait and their persistence will be a key factor in
getting returns further up," shipbroker Fearnleys wrote in a
weekly report, referring to the capesize segment.
* The panamax index was up 218 points, or about 23%,
at 1,169 — its highest since Jan. 10. It posted a record daily
percentage increase as far as data goes back to May 1998.
* Average daily earnings for panamaxes , which
usually carry coal or grain cargoes of about 60,000 to 70,000
tonnes, were up $1,963 at $10,520.
* Bumper soybean harvests in Brazil and unsold grains stocks
in the United States are set to boost dry bulk shipping rates as
buyers, including China, restock after supply shocks last year,
leading freight operators said.
* New maritime environmental regulations introduced in 2023
are also expected to mean ships slow down speeds to cut
emissions, reducing vessel availability.
* Among smaller vessels, the supramax index rose 68
points to 940, marking its eight consecutive day of gains.
(Reporting by Harshit Verma in Bengaluru; Editing by Shilpi
Majumdar)
Feb 23 (Reuters) - The Baltic Exchange's main sea
freight index posted its second-biggest jump ever on
Thursday, as rates for all vessel segments rebounded from their
multi-year lows, led by capesizes.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.