Baltic index posts biggest weekly rise in 2 months as vessel rates firm

Nov 26 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) climbed on Friday, posting its biggest weekly gain since early October, steered by strong gains across vessel segments.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 89 points, or 3.3%, to its highest in two weeks at 2,767.

* For the week, the main index rose 8.4%, registering its biggest weekly rise since the one ended Oct. 1.

* The capesize index (.BACI) rose 130 points, or 3.4%, to 3,906, and saw a weekly increase of 8.2%.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $2,672 to $27,027.

* Iron ore and steel futures in China, the world’s biggest steel producer, fell as the detection of a new coronavirus variant in South Africa and fresh COVID-19 cases in Shanghai fanned investor concerns about global economic recovery. read more

* The panamax index (.BPNI) gained 132 points, or 5.3%, to 2,621. It posted a 14.9% weekly jump.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, was up $1,182 at $23,586.

* The supramax index (.BSIS) increased 32 points, or 1.4%, to its highest in nearly three weeks at 2,316.

Reporting by Kavya Guduru in Bengaluru

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