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Baltic sea freight index rises on higher panamax rates

reuters.com · 04/29/2022 10:33
Baltic sea freight index rises on higher panamax rates

- The Baltic Exchange's main sea freight index .BADI rose on Friday, and was set to gain for a third straight month on strength in the panamax segment.

* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 1 points, or 0.04%, to 2,404 points. It added nearly 2% this month.

* The capesize index .BACI fell 13 points, or 0.6%, to 2,136 points. It has risen nearly 22.1% in the month of April.

* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $108 to $17,713.

* Chinese iron ore futures rose for the fourth straight session on Friday and jumped more than 4%, fuelled by demand hopes as Beijing pledged to step up policy support to stabilise the economy. IRONORE/

* The panamax index .BPNI gained 24 points, or 0.8%, to 2,938 points. It fell about 6% for the month.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $215 to $26,443.

* Turkey's state grain board TMO has started making provisional purchases of wheat in an international import tender which closed on Friday with about 100,000 tonnes initially bought, traders said. nL5N2WR67O

* The supramax index .BSIS fell 2 points to 2,734 points.

(Reporting by Roshan Abraham in Bengaluru; Editing by Amy Caren Daniel)