March 11 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) rose on Friday, logging its best week since the week ended on Feb. 11, on higher rates across capesize segment.
* The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 14 points to 2,718 points.
* The index was up by almost 26.5% this week.
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* The capesize index (.BACI) gained 63 points to 2,676 points, registering its best weekly gain since mid-2020.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $527 to $22,195.
* “Despite losing significant trade volumes following the Russian invasion of Ukraine… the dry markets have not only proved resilient, but are all firmer,” said shipbroker Simpson Spence Young (SSY) in a note on Friday.
* Meanwhile Dalian coking coal futures jumped 0.7% to 3,038 yuan a tonne and coke prices inched 0.2% higher to 3,678 yuan per tonne.
* The panamax index (.BPNI) was down 46 points at 3,187 points, although the index was up this week by 14.4%.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $412 to $28,685.
* Tunisia’s state grains agency is believed to have bought approximately 125,000 tonnes of soft wheat and about 100,000 tonnes of animal feed barley in an international tender which closed this Friday.
* The supramax index (.BSIS) rose 16 points, up 13.7% this week, to 2,939 points.
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Reporting by Rahul Paswan in Bengaluru; Editing by Shinjini Ganguli
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