Baltic index gains for fourth day as vessel rates firm

Nov 23 (Reuters) – The Baltic Exchange’s dry bulk sea freight index rose for a fourth straight session on Tuesday to its highest level in a week as rates rose across its vessel segments.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, gained 70 points, or 2.7%, to 2,715 points.

* The capesize index (.BACI) rose 171 points, or 4.4%, to 4,055, its highest in more than three weeks.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $1,421 to $33,631.

* China’s benchmark iron ore futures surged on Tuesday as steelmakers were set to resume production after rigorous controls in the past few months following government orders.

* The panamax index (.BPNI) increased 42 points, or 1.8%, to 2,333.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $380 to $21,000.

* The supramax index (.BSIS) added 8 points to 2,243, snapping a four-session losing streak.

Reporting by Kavya Guduru in Bengaluru; Editing by Aditya Soni

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