Strong demand across vessel segments powers Baltic index higher

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The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Tuesday, propelled by higher rates across vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 58 points, or 1.4%, to 4,221, its highest in more than two weeks.

The capesize index added 94 points, or 1.5%, to 6,474, its highest since March 2009.

Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $784 to $53,692.

Chinese coking coal and coke futures closed more than 5% lower on Tuesday, falling for a third straight session on concerns over more government controls to stabilise prices and ensure supplies.

The panamax index rose for a fourth straight session, adding 62 points, or 1.7%, to 3,756.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $554 to $33,803.

Among smaller vessels, the supramax index rose for the second straight session by 30 points to 3,210.
Source: Reuters

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