The Baltic Exchange’s main sea freight index .BADI , which tracks rates for ships carrying dry bulk commodities, rose to its highest since mid-May on Monday, supported by gains in the capesize vessel segment, reports XM.
- The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 21 points, or 1.3% to 1,614, its highest level since May 10.
- The capesize index .BACI added 65 points, or 3.1% to 2,148, its highest level in over four months.
- Average daily earnings for capesize vessels .BATCA , which typically transports 150,000-ton cargoes carrying commodities such as iron ore and coal, increased $536 to $17,274.
- The panamax index .BPNI , meanwhile, remained unchanged from the previous session at 1,685.
- Average daily earnings for panamax vessels .BPWT , which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, rose $4 to $15,168.
- Iron ore prices declined as pre-holiday restocking came to an end and traders were concerned about lower-than-anticipated steel consumption during the peak construction season and potential steel output limitations throughout the winter in top customer China. IRONORE/
- Among smaller vessels, the supramax index .BSIS was flat at 1,354.
- Russia’s Foreign Minister Sergei Lavrov said on Saturday that Ukraine’s proposed peace plan as well as the latest UN proposals to revive the Black Sea grain initiative were both “not realistic.”
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Source: XM
