Baltic Index Gains On Higher Rates For All Vessels

June 20 (Reuters) – The Baltic Exchange’s main sea freight index .BADI gained to its highest in nearly three weeks on Monday, helped by an uptick in capesize and panamax vessel rates.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, added 18 points, or 0.7%, to 2,596, a peak since June 1. 

* The capesize index .BACI gained 44 points, or 1.47%, to 3,031, the highest since May 26. 

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $362 to $25,138.

* Global port congestion is set to continue until at least early 2023 and keep spot freight rates elevated, logistics executives said last week, urging charterers to switch to long-term contracts to manage shipping costs. 

* Meanwhile, Dalian iron ore futures slumped by their 11% limit on Monday, while those in Singapore dropped as much as 8%, as fears grew about a collapse of steel consumption in top user China. IRONORE/

* The panamax index .BPNI added 10 points, or 0.4%, to 2,872 points.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased by $89 to $25,846. 

* The supramax index .BSIS edged up 3 points to 2,470. 

Reporting by Arundhati Sarkar in Bengaluru; editing by David Evans

(c) Copyright Thomson Reuters 2022.

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