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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