March 7 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) rose on Monday, helped by higher rates in all vessel segments.
* The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 87 points to 2,235 points, its highest since Feb. 23.
* The capesize index (.BACI) gained 114 points to 1,749 points.
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* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $948 to $14,508.
* Benchmark iron ore futures in China rose as soaring oil prices, due to the Ukraine crisis, and an annual economic forecast by the world’s second-largest economy lifted sentiment.
* The panamax index (.BPNI) was up 116 points at 2,901 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $1,052 to $26,113.
* The supramax index (.BSIS) rose 54 points to 2,640 points.
* Meanwhile, Ukraine’s state-run railway operator is ready to organise agricultural exports by rail as a matter of urgency, it said on Sunday, after closure of the country’s Black Sea ports because of the military invasion by Russia. read more
* The major global agricultural producer and exporter has historically exported by ship.
* “All in all, we believe that despite possibilities of increasing tonne miles demand for certain commodities, the war in Ukraine is a net negative for the bulk market driven by both a lack of commodity supply and reduced demand due to price increases,” BIMCO’s chief shipping analyst Niels Rasmussen said in a note.
* “Further steps to sanction some or all of Russia’s exports could cause further disruption although we believe that China may continue to be a taker for Russian commodities,” Rasmussen added.
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Reporting by Rahul Paswan in Bengaluru; Editing by Krishna Chandra Eluri
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