Baltic index up for third session as vessel rates rise

Feb 22 (Reuters) – The Baltic Exchange’s dry bulk sea freight index (.BADI) rose for a third straight session on Tuesday, climbing to its highest in more than a month as rates across vessel segments strengthened.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 103 points to 2,148, its highest level since Jan. 11.

* “Given the current momentum, we can anticipate activity to hold at good levels for the near term,” Allied Shipbroking said in a weekly note, referring to the overall dry bulk segment.

* The capesize index (.BACI) jumped 166 points, or almost 9%, to 2,015, its highest level since Jan. 12.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $1,378 to $16,709.

* Meanwhile, Chinese benchmark iron ore futures closed lower, reversing course from a near-5% gain as investors continued to be worried about policy uncertainties amid government intervention.

* The panamax index (.BPNI) rose 155 points to 2,596.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, gained $1,397 to $23,366.

* The supramax index (.BSIS) advanced 17 points to 2,359.

Reporting by Rahul Paswan in Bengaluru;
Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.