Baltic index rises for second week as vessel demand rebounds

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 3 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, climbed to a two-month peak on Friday, as well as marked its second straight weekly rise, supported by improving demand for capesize and panamax vessel segments.


* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 66 points, or 5.8%, to 1,211, its highest since Jan. 3.
* The main index rose about 37.2% for the week.


* Among other vessel segments, the capesize index rose 195 points, or 19.5%, to its highest in more than six weeks, at 1,195. It was up about 88% for the week.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $1,614 to $9,910.
* Dalian iron ore futures hit an eight-month high on Friday, driven by favourable fundamentals and optimism about future steel demand.
* The panamax index , up for the ninth straight session, gained 9 points at 1,565. It was up about 23% for the week.
* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, were up $81 at $14,087.
* Among smaller vessels, the supramax index fell 3 points to 1,189.
(Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar)

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