Baltic index sees best day in nearly 2 months as vessel rates rise

Nov 29 (Reuters) – The Baltic Exchange’s dry bulk sea freight index posted its best day in nearly two months on Monday, boosted by stronger rates across vessel segments.

* The overall index (.BADI), which factors in rates for capesize, panamax and supramax vessels, gained 114 points, or 4.1% to 2,881, a peak since Nov. 3.

* The main index marked its highest single-day rise since Oct. 6.

* Dry bulk rates are expected to be profitable in 2022 due to a growth in demand across all dry bulk commodities, shipbroker Jefferies said in a weekly note, adding shipping congestion was also likely to remain elevated well into the next year.

* The capesize index (.BACI) rose 237 points, or 6.1%, to its highest in a month at 4,143.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased $2,286 to $29,313.

* Steel futures in China traded in a tight range, weighed down by demand fears due to the new Omicron coronavirus variant, while coking coal and coke prices fell after a plunge in thermal coal futures.

* The panamax index (.BPNI) rose 114 points, or 4.4%, to a two-week high at 2,735.

* Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, increased by $1,027 to $24,613.

* The supramax index (.BSIS) added 11 points to 2,327, its highest in three weeks.

Reporting by Kavya Guduru in Bengaluru;
Editing by Vinay Dwivedi

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