Capesize Bounces Biggest Daily Jump In 7 Months

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Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron-ore used in construction, rose by $2,682 to$8,952, says an article published in Yahoo FInance.

Two week high

Dalian iron ore hit a two-week high as trading resumed in top steel producer China after a three-day holiday weekend, with supply concerns and signs of stronger demand supporting prices.

Replaced imports

Global shipowner association BIMCO said in a quarterly note on Monday conditions in the dry bulk market were expected to improve for the rest of the year and into 2023 as the EU’s ban on Russian coal will add tonne miles, with Russian coal likely to be replaced by imports from U.S., Australia, Colombia and South Africa.

Indexes

The panamax index gained about 8%, or 125 points, to 2,074, its highest since July 25.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, gained $1,364 at $18,666.

The supramax index, meanwhile, snapped a 12-session long falling streak, and rose by 11 points to 1,484.

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Source: Yahoo Finance

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