Baltic index up for 3rd day on firm rates for larger vessels

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The Baltic Exchange’s main sea freight index .BADI rose for a third straight session on Monday, buoyed by an uptick in capesize and panamax vessels rates.

  • The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 9 points to 1,145.
  • The capesize index .BACI gained 14 points to 1,832.
  • Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $112 to $15,192.
  • The panamax index .BPNI gained 20 points, or 1.8%, to 1,153, highest since June 21.
  • Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $173 to $10,373.
  • Iron ore futures dropped, as the lack of substantial stimulus from China unnerved investors, while concerns over long-term steel demand continued to weigh on the market.
  • Among smaller vessels, the supramax index .BSIS slipped 2 points to 686.

Source: Reuters

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