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Baltic sea freight index rises on uptick across segments

The Baltic Exchange’s main sea freight index rose on Friday, as rates went up across its component vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 28 points, or 1.3%, at 2,146 points. It edged down 0.2% for the week.

The capesize index snapped a three-day losing streak, gaining 43 points, or 1.6%, to 2,696 points.

However, the index saw its worst week since late-June, falling by 7.6%.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $363 at $22,362.

The war in Ukraine led to a 30% increase in the amount of coal shipped through Rotterdam, Europe’s largest port, in the first half of 2022, official data showed, with Russia’s share falling to a sliver in June.

Meanwhile, iron ore futures rose with the Dalian benchmark contract rebounding from a seven-month low, as falling steel inventories in China spurred hopes for some replenishment-driven demand.

The panamax index was up 42 points, or 2,1%, at a 10-day high of 2,093 points.

The index also posted its highest weekly gain of 11% in nearly four months.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $383 to $18,838.

Russia and Ukraine will sign a deal to reopen Ukrainian Black Sea ports for grain exports, Turkey and the United Nations said, raising hopes that an international food crisis aggravated by the Russian invasion can be eased.

The supramax index rose by 7 points to 2,080 points, logging its first weekly rise of 2% since May 20.
Source: Reuters (Reporting by Deep Vakil in Bengaluru; Editing by Shailesh Kuber)

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