The primary sea freight indicator for the Baltic Exchange. BADI, which tracks rates for ships transporting dry bulk goods, increased on Tuesday to nearly 12-week highs, aided by higher rates for all vessel types, particularly capesizes, as reported by XM.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 122 points, or about 8.3%, to 1,587 – its highest since Dec. 22.
* The capesize index.BACI gained 289 points, or about 15.9%, to a more than 11-week high of 2,110.
* Average daily earnings for capsizes.BATCA, which typically transports 150,000-tonne cargoes such as iron ore and coal, increased from $2,401 to $17,500.
* “With Brazil iron ore exports up noticeably compared with this time last year we might expect a firm capesize market to remain for a while,” shipbroker Allied wrote in a weekly report.
* The panamax index.BPNI rose 63 points, or about 3.8%, to an over-four-month high of 1,743.
* Average daily earnings for panamaxes.BPWT, which usually carries coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $564 to $15,685.
* Among smaller vessels, the supramax index.BSIS was up 28 points at 1,263.
* “For the smaller sizes, the continuation of the Black Sea grain deal, low crop yields in Argentina, and a bumper, but delayed, Brazilian crop will keep the market interesting over the coming weeks, as grain flows shift from established patterns,” Allied added.
* Meanwhile, Dalian iron ore futures pulled back from a contract high on Tuesday, although losses were limited by buoyant steel prices in top steel producer China.
Did you subscribe to our newsletter?
It’s free! Click here to subscribe!
Source: XM
