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Dry Bulk’s Baltic Index Rises to 12-Year Peak

Reuters
Total Views: 1257
September 23, 2021
Reuters

Sept 23 (Reuters) – Strong rates across dry bulk vessel segments drove the Baltic Exchange’s main sea freight index to their highest since 2009 on Thursday.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, rose 91 points, or 2%, to 4,651, to hit its near 12-year peak.

* Shipping analysts have attributed the recent rally in the dry bulk market to global shipping constraints, including port congestion in China, and an overall rebound in commodities.

* The capesize index increased by 238 points, or 3.3%, to 7,438, also hitting its highest in 12 years.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $1,968 to $6,1683.

* In the capesize segment, there’s been “very limited amount of available tonnage to meet” healthy volume of cargoes, especially on the West Australia-China route, shipbroker Fearnleys said in a weekly note on Wednesday.

* Also, there is limited number of vessels heading for Brazil and the Atlantic, which could impact the segment in days and weeks to come, it added.

* Chinese coking coal futures soared to a two-week high as supply concerns resurfaced, pushing prices of steelmaking ingredient coke higher.

* The panamax index rose 33 points, or 0.8%, to 3,994, its highest in more than 10 weeks.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $300 to $35,947.

* Among smaller vessels, the supramax index rose for a sixth straight session, adding 11 points to 3,349, its highest in three weeks. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Shailesh Kuber)

(c) Copyright Thomson Reuters 2021.

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