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Baltic Dry Index Close to 5-Month Peak on Stronger Rates

Reuters
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May 10, 2022
Reuters

May 10 (Reuters) – The Baltic Exchange’s main sea freight index rose to a near five-month high on Tuesday, as rates rose for all vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 108 points, or 3.8%, to 2,939 points, the highest since Dec. 13. 

* The capesize index .BACI rose 276 points, or 8.7%, to 3,461 points.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $2,291 to $28,703.

* Meanwhile, Chinese iron ore futures dropped to 7% on Tuesday to touch their lowest in nearly two months, fueled by concerns of higher interest rates and still-stagnant demand at home. IRONORE/

* The panamax index .BPNI gained 44 points, or 1.4%, to 3,277 points. 

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $398 to $29,491. 

* The supramax index .BSIS was up 14 points at 2,746 points.

(Reporting by Roshan Abraham in Bengaluru)

(c) Copyright Thomson Reuters 2022.

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