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Thursday, December 8, 2022

Baltic Index Hits 1-week High as Vessel Rates Gain

Maritime Activity Reports, Inc.

November 24, 2022

©woodpencil/AdobeStock

©woodpencil/AdobeStock

The Baltic Exchange's dry bulk sea freight index .BADI touched a one-week high on Thursday, propelled by stronger demand across vessel segments.

The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels carrying dry bulk commodities, added 58 points, or about 4.9%, to 1,242.

The capesize index jumped 165 points, or 13.5%, to 1,384, its highest since Nov. 14. 

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, increased $1,373 to $11,479. 

Dalian iron ore futures snapped a three-session losing streak as recent support measures for China's property sector outweighed worries over the recent rise in COVID-19 cases.IRONORE/ 

The panamax index snapped a five-session losing streak and edged up 2 points, or 0.1%, to 1,466. 

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $15 to $13,195. 

The supramax index rose 11 points to 1,174. 

(Reuters - Reporting by Rahul Paswan in Bengaluru/Editing by Mark Potter)

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