Baltic index rises as smaller vessels gain



Sept 15 (Reuters) - The Baltic Exchange's main dry bulk sea freight index .BADI rose for a fifth straight session on Wednesday to its highest level in more than two weeks, on gains in panamax and supramax rates.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, gained 12 points at 4,233, its highest since Aug. 27.

* The capesize index .BACI dropped 37 points, or 0.6%, to 6,437. But the index was still close to a 12-year peak scaled on Tuesday, driven in part by weather-related disruptions in the East China Sea.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased $311 to $53,381.

* Iron ore futures in China hit a nine-month low on Wednesday as steel output in China continued to slide.

* "As disruption on the Australia-China coal trade enters its second year, new matches are being made between buyers and sellers," said BIMCO's chief shipping analyst Peter Sand in a note.

* "These changes fit into the wider picture of a strong dry bulk market influenced by congestions, particularly in Asia, soaking up tonnage and pushing freight rates upwards," he added.

* Factors including an overall strong rebound in demand for commodities, congestion in ports, especially in China, and global shipping constraints pushed the main dry bulk index to an 11-year peak on Aug. 27.

* The panamax index .BPNI rose for a fifth straight session, adding 44 points, or 1.2%, to 3,800, highest in over 2 weeks.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased $398 to $34,201.

* Among smaller vessels, the supramax index .BSIS added 37 points to 3,247.
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Amy Caren Daniel

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.