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Baltic Dry Index Soars on Strong Vessel Rates

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March 1, 2024

March 1 (Reuters) – The Baltic Exchange’s dry bulk sea freight index strengthened to hit an over two-month peak on Friday and posted a weekly gain, as rates across all vessel segments pushed higher.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 92 points, or 4.4%, at 2,203 points, its highest since Dec. 19.

* The index was up 18% for the week.

* The capesize index gained 234 points, or 6.3%, to 3,977, an eleven-week high, to post a 26% weekly rise.

* Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $1,940 to $32,985.

* Iron ore futures slid on Friday, logging their second weekly loss, amid weak factory data and mounting doubts on whether policymakers in top consumer China will unveil bold policies to help its economy. 

* The panamax index extended gains, adding 42 points to 1,723 points to reach its highest point in 2 months, and was up 8% for the week.

* Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, was up $379 at $15,509.

* Among smaller vessels, the supramax index also scaled a two-month peak, gaining 10 points to 1,267 points, and logging a 6.6% weekly rise.

(Reporting by Anjana Anil in Bengaluru; Editing by Vijay Kishore)

(c) Copyright Thomson Reuters 2024.

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