Baltic Dry Index Rises to Over 1-Year High

March 22 (Reuters) – The Baltic Exchange’s main sea freight index tracking rates for ships ferrying dry bulk commodities scaled an over one-year peak on Monday, propelled by higher rates across vessel segments, with panamax rates touching an over 10-year high.

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose 38 points, or 1.7%, to 2,319, its highest since September 2019.

* The capesize index advanced 38 points, or 1.6%, to 2,382.

* ?Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, rose $314 to $19,751.

* Markets eyed the possibility of further production cuts in the top steel-producing city of Tangshan in China, which accounts for more than half of the world’s steel output.

* Earlier this month, China vowed to go after violators of air quality rules in its steel industry.

* The panamax index advanced 83 points, or 2.8%, to 3,058, its highest since August 2010.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose $747 to $27,520.

* The supramax index rose 11 points to 2,133, its highest since at least April 2017, according to Refinitiv Eikon data. (Reporting by Anjishnu Mondal in Bengaluru; Editing by Krishna Chandra Eluri)

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