March 1 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) rose on Tuesday, snapping three sessions of declines, thanks to a pick up in rates across all vessel segments.
* The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, added 29 points, or 1.4%, to 2,069 points.
* The capesize index (.BACI) gained 73 points, or 4.5%, to 1,690 points.
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* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $605 to $14,019.
* However, “firmer fuel price levels, coupled with the potential regrouping of viable trade routes, given the current risks, will add a bearish pressure on the overall market in the near term,” Allied Shipbroking said in a weekly note, in reference to the capesize segment.
* Oil prices surged on Tuesday, while Chicago wheat futures hit their highest level in almost 14 years as traders feared prolonged disruption to global supplies following Russia’s invasion of Ukraine.
* Benchmark Dalian and Singapore iron ore futures, meanwhile, surged to two-week highs, underpinned by improving factory activity data in China and bets for additional stimulus measures in the world’s top steel producer.
* The panamax index (.BPNI) was up two points, or 0.08%, at 2,601 points.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $21 to $23,410.
* Among smaller vessels, the supramax index (.BSIS) added 15 points to 2,443 points.
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Reporting by Arpan Varghese in Bengaluru; Editing by Aditya Soni
Our Standards: The Thomson Reuters Trust Principles.
