off-the-wire

Baltic index logs best day in over 5 weeks on growing vessel demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
April 20 (Reuters) - The Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, posted its biggest single-day gain since mid-March on Thursday, steered by higher shipping rates for all vessel segments.


* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 60 points, or 4.4%, to 1,432 — its biggest daily percentage rise since March 14.
* The capesize index snapped its four-session losing streak, up 135 points, or 8.2%, at 1,778.
* Average daily earnings for capesizes , which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,122 to $14,746.
* The panamax index marked its best day in two-weeks. The index rose 20 points, or 1.2%, to 1,677.


* Average daily earnings for panamaxes , which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $184 to $15,094.
* Among smaller vessels, the supramax index rose 28 points to 1,179.
* Dalian and Singapore iron ore futures fell on increasing supply of the steelmaking ingredient and lower-than-expected steel output, amid lingering concerns over China's warning on price hikes. (Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar)

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