The Baltic Exchange’s main sea freight index .BADI rose to a more than one-month high on Wednesday, helped mostly by steady gains in rates for the panamax and capesize vessel segments.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 67 points, or 5.8%, to 1,233.
* The capesize index .BACI gained 104 points, or 6.5%, to 1,701.
* Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $862 to $14,106.
* The panamax index .BPNI gained 74 points, or 5.2%, to 1,486, extending its winning streak to a 16th consecutive session to its highest in more than three months.
* Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $664 to $13,374.
* Dalian iron ore futures edged higher, as an unexpected policy rate cut by China’s central bank offered relief to traders disheartened by the country’s faltering economic rebound.
* Among smaller vessels, the supramax index .BSIS gained 40 points, or 5.2%, to 812.
Source: Reuters reported by Sherin Elizabeth Varghese in Bengaluru and edited by Shweta Agarwal
