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Baltic index records third weekly gain on higher vessel rates

The Baltic Exchange’s dry bulk sea freight index rose on Friday to post its third straight weekly gain as rates strengthened across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 247 points, or 13.3%, to 2,102. It was up 15.5% this week.

The capesize index surged 706 points, or 26.4%, to 3,385. The index rose 22.5%this week.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, added $5,855 to $28,071.

Iron ore futures erased earlier losses and are set for their fifth weekly gain as property support-led optimism in top consumer China outweighed headwinds from the latest intervention from authorities.

The panamax index rose 30 points, or 1.5%, to 2,064 and gained over 10% for the week.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $269 to $18,577.

Among smaller vessels, the supramax index was up 14 points or 1.1% to 1,279. It is up about 6% in the week.
Source: Reuters (Reporting by Tina Parate in Bengaluru)

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