The Baltic Exchange’s main sea freight index .BADI rose to its highest level in nearly three months on Thursday, propelled by gains in smaller panamax and supramax vessels.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, increased 14 points to 1,247, its highest since May 24.
* The panamax index .BPNI gained 36 points, or 2.4%, to 1,522, continuing a 17-day winning streak.
* Average daily earnings for panamax vessels .BPWT, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $328 to $13,702.
* The Panama Canal Authority on Wednesday notified shippers it is extending through Sept. 2 restrictions for vessels to transit through the waterway and keeping the number of vessels authorized to pass per day to a maximum of 32.
* “The South Atlantic’s demand remains robust in September, with owners in the European community shipowners’ associations, confident in asking prices above previous rates,” shipbroker Fearnleys said in a weekly note, referring to the panamax segment.
* The supramax index .BSIS rose 47 points, or 5.8%, to 859.
* The capesize index .BACI, meanwhile, fell 36 points, or 2.1% to 1,665, snapping a two-day gaining streak.
* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $297 to $13,809.
* Dalian iron ore futures climbed to the highest in over three weeks, underpinned by renewed hopes of more policy support from China, following a cabinet meeting.
Source: Reuters (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Varun H K)
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