Firms in Fed’s Beige Book Fret Over Any Lengthy Baltimore Port Closure
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
* The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 10 points, or 0.88 percent, to 1,149 points.
* The Baltic’s capesize index was up 11 points, or 0.54 percent, at 2,058 points.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $120 to $14,182.
* The panamax index gained 35 points, or 3.3 percent, to 1,097 points.
* Average daily earnings for panamaxes, which usually carry 60,000 to 70,000-tonne cargoes of coal or grains, were up $308 to $8,447. The move higher has been helped by grain bookings from South America.
“Once the early requirements are cleared, hire levels are expected to start easing again,” broker Braemar Seascope said. (Reporting by Shrutee Sarkar in Bangalore and Jonathan Saul in London; editing by Jane Baird)
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