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Baltic index sails to 1-month high as capesize, panamax rates gain

Mark White by Mark White
November 30, 2021
in Cargo
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Nov 30 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) leaped to its highest in a month on Tuesday, propelled by a steady climb in the capesize and panamax segments.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 137 points, or 4.8%, to its highest since Nov. 2 at 3,018.

* However, the index fell for a second straight month, retreating 14.2%, tracking an initial dip across vessels, which analysts attributed to factors including easing shipping congestion, higher iron ore inventories in China and thin cargo flows out of the Pacific.

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* The capesize index (.BACI) rose 340 points, or 8.2%, to 4,483, a peak since Oct. 28, but shed 3.1% for the month.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $2,058 to $31,371.

* Benchmark Chinese iron ore futures jumped over 6% fuelled by recent restocking demand at steel firms, although analysts expect weak property and infrastructure investment to slow the long-term consumption of the steelmaking ingredient.

* The panamax index (.BPNI) was up 76 points, or 2.8%, to over a two-week high at 2,811. The index posted a 28% monthly drop.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased $684 to $25,297.

* The supramax index (.BSIS) added 13 points to 2,340, touching its highest level in over three weeks.

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Reporting by Kavya Guduru in Bengaluru; Editing by Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles.

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Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

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