Baltic Dry Index Hits Highest Level Since June 2010

Aug 17 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for a sixth straight session on Tuesday, scaling its highest in more than a decade on stronger demand across vessel segments.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 1.4%, or 51 points, to 3,657, the highest since June 2010.

* The capesize index jumped 98 points, or 2%, to 4,950, a peak since May 11.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $812 to $41,049.

* The panamax index advanced 33 points, or 0.9%, to its highest since June 19 at 3,617.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $299 to $32,552.

* Among smaller vessels, the supramax index rose about 27 points to an all-time high of 3,146, according to Refinitiv Eikon data available since 2017.

* Several Chinese ports are facing congestion as vessels due to call at Ningbo are being diverted and cargo processing is slowed partly due to stricter disinfection measures under China’s “zero-tolerance” coronavirus policy.

(Reporting by Rahul Paswan in Bengaluru; Editing by Subhranshu Sahu)

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