Baltic index extends gains as vessel rates strengthen

Dec 2 (Reuters) – The Baltic Exchange’s dry bulk sea freight index extended gains on Thursday to scale a one-month peak, helped by higher rates across all its vessel segments.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, rose 68 points, or 2.2%, to 3,115.

* The capesize index (.BACI) advanced 70 points, or 1.6%, to 4,534, its highest level since Oct. 28.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $581 to $37,604.

* Chinese steel rebar and hot rolled coils futures jumped as demand for the most traded May deliveries are expected to recover from the weak consumption season.

* The panamax index (.BPNI) gained 133 points, or 4.6%, to a three-week high of 3,030.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $1,195 to $27,271.

* The supramax index (.BSIS) added 28 points to its highest in almost a month at 2,402.

Reporting by Kavya Guduru in Bengaluru; Editing by Aditya Soni

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