Baltic index hits over 3-month high on firm demand across vessel segments

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The Baltic Exchange’s dry bulk sea freight hit a more than three-month high on Monday on robust demand across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 45 points, or 1.9%, to 2,419 points.

The capesize index was up by 70 points, or 1.74%, at 4,089.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $579 to $33,911.

The panamax index gained 64 points, or 2.9%, to 2,298 points, rising for the fifteenth straight session.

Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, were up $579 at $20,685.

Prices of iron ore futures rebounded after upbeat data in top consumer China renewed hopes for a pick-up in steel demand in coming weeks and as some traders liquidated their short positions.

Among smaller vessels, the supramax index, was up by 12 points at 1,338 points.

A Marshall Islands-flagged liquefied petroleum gas (LPG) tankerreported two explosions near the ship as it travelled off the coast of Yemen’s port city of Hodeidah, the third merchant vessel attack of the past 48 hours, British security firm Ambrey said on Friday.

Source: Reuters