Baltic index rises to two-week highs on strong demand for capesize vessels
June 13 (Reuters) -The Baltic Exchange's main sea freight index .BADI, tracking rates for ships carrying dry bulk commodities, gained on Tuesday, helped by higher rates for capesize vessel segment.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 18 point, or 1.7%, at 1,074, its highest level in two weeks.
* The capesize index .BACI extended gains for the seventh straight session, adding 55 points, or 3.6%, to 1,587.
* Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $461 to $13,163.
* "A swift turn of fortunes over the week due to iron ore fixing activity from Australia, and to a lesser extent Brazil, as Chinese buyers aim to meet demand now against a backdrop of rising iron ore futures" helped the capesize segment, shipbroker Allied wrote in a weekly note.
* Singapore and Dalian iron ore futures rebounded as market sentiment improved after the central bank of the world's top steel producer, China, lowered a short-term lending rate for the first time in 10 months. IRONORE/
* The panamax index .BPNI, was unchanged at 1,144 points.
* Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $2 to $10,297.
* Among smaller vessels, the supramax index .BSIS lost 4 points at 722.
Reporting by Ananya Bajpai in Bengaluru; Editing by Shweta Agarwal
Latest News
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.
