Baltic Dry Index Tops 1,000 for First Time in Six Months

Photo: Shutterstock/Volodymyr Kyrylyuk

June 16 (Reuters) – The Baltic Exchange’s main sea freight index rose to more than a six-month high on Tuesday, boosted by stronger demand for capesize and panamax vessels.

* The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 81 points, or about 8.3%, to 1,054, its highest since Dec. 24.

* The Baltic capesize index jumped 206 points, or about 12.5% to 1,854, its highest since Dec. 24.

* Iron ore future in China gained on Tuesday, on robust demand from China’s steel mills and concerns over supply.

* “The gradual re-opening of all countries and the intensified interest for restocking have given a boost to the dry bulk market,” Allied Shipbroking said in a weekly note on Monday.

* Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, increased by $1,489 to $14,786.

* The panamax index gained 65 points, or 7.4%, to 949.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $586 to $8,545.

* The supramax index rose 12 points, or 2%, to 624. (Reporting by Anjishnu Mondal; Editing by Ramakrishnan M.)

(c) Copyright Thomson Reuters 2019.

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