Capesize, panamax gains propel Baltic index to 14th straight rise

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 8 (Reuters) - The Baltic Exchange's main sea freight index , which tracks rates for ships ferrying dry bulk commodities, rose for the 14th straight session on Wednesday powered by gains in the capesize and panamax vessel segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 29 points, or about 2.2%, to 1,327 - its highest since Dec. 23.
* Period activity was healthy across all sectors with a healthy volume of deals materializing, shipbroker Intermodal wrote in a weekly report, referring to the overall index.
* The capesize index gained 79 points, or about 5.4%, to a more than eight-week high of 1,550.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $650 to $12,851.
* Dalian iron ore extended gains on Wednesday as market participants bet on the prospect of the demand for steel picking up since China has entered its peak construction season.
* The panamax index gained 12 points at 1,592, its highest since Dec. 21.


* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was up $106 to $14,325.
* The supramax index was unchanged at 1,161. (Reporting by Ananya Bajpai in Bengaluru; Editing by Pooja Desai)

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