The Baltic Exchange’s main sea freight index .BADI rose to its highest since late June on Tuesday, as capesizes snapped a five-day long losing streak and rates for panamax vessels extended gains.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 31 points, or 2.7%, to 1,166.
* The capesize index .BACI gained 27 points, or 1.7%, to 1,597.
* Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $227 to $13,244.
* The panamax index .BPNI gained 47 points, or 3.4%, to 1,412, its highest since May 11.
* Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $429 to $12,710.
* Merchant ships remained backed up in lanes around the Black Sea on Monday as ports struggled to clear backlogs amid unease among insurers and shipping companies a day after a Russian warship fired warning shots at a cargo vessel.
* Iron ore futures rose, as traders weighed China’s latest wave of disappointing data against the outlook for rising imports and pressure on Beijing for more stimulus.
* Among smaller vessels, the supramax index .BSIS slipped gained 27 points, or 3.6% to 772.
Source: Reuters reported by Sherin Elizabeth Varghese in Bengaluru edited by Maju Samuel
