Baltic index rises for ninth day as vessels gain

Dec 7 (Reuters) – The Baltic Exchange’s dry bulk sea freight index extended gains for a ninth straight session on Tuesday, tracking firm rates across all its vessel segments.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, advanced 117 points, or 3.6%, to 3,352, touching its highest level since Nov. 1.

* The capesize index (.BACI) rose 284 points, or 6%, to 4,983, its highest since Oct. 26.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $2354 to $41,324.

* Recent gains in capesizes can be attributed to increased demand witnessed in key trade routes of Brazil-China and Australia-China, Allied Shipbroking said in a weekly note.

* Benchmark Dalian and Singapore iron ore futures surged, leading a broad rally in ferrous materials, as investors cheered a liquidity-boosting measure to support economic growth in top steel producer and consumer China.

* The panamax index (.BPNI) added 41 points, or 1.3%, to hit a more than one-month high of 3,253.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $371 to $29,275.

* Augmented interest for both mineral and grains shipments in the Atlantic basin has led to “significant gains” in the panamax segment, the shipbroker noted.

* The supramax index (.BSIS) gained 36 points to 2,488, its highest since Nov. 4.

Reporting by Kavya Guduru in Bengaluru; Editing by Amy Caren Daniel

Our Standards: The Thomson Reuters Trust Principles.