U.S. markets closed
  • S&P 500

    4,448.98
    +53.34 (+1.21%)
     
  • Dow 30

    34,764.82
    +506.50 (+1.48%)
     
  • Nasdaq

    15,052.24
    +155.40 (+1.04%)
     
  • Russell 2000

    2,259.04
    +40.48 (+1.82%)
     
  • Crude Oil

    73.28
    -0.02 (-0.03%)
     
  • Gold

    1,746.90
    -2.90 (-0.17%)
     
  • Silver

    22.58
    -0.09 (-0.41%)
     
  • EUR/USD

    1.1745
    -0.0001 (-0.01%)
     
  • 10-Yr Bond

    1.4100
    +0.0740 (+5.54%)
     
  • GBP/USD

    1.3725
    +0.0005 (+0.03%)
     
  • USD/JPY

    110.3110
    +0.0100 (+0.01%)
     
  • BTC-USD

    44,899.36
    +1,366.95 (+3.14%)
     
  • CMC Crypto 200

    1,119.18
    +10.26 (+0.92%)
     
  • FTSE 100

    7,078.35
    -5.02 (-0.07%)
     
  • Nikkei 225

    29,639.40
    -200.31 (-0.67%)
     

Baltic index rises as smaller vessels gain

·2 min read

Sept 15 (Reuters) - The Baltic Exchange's main dry bulk sea freight index rose for a fifth straight session on Wednesday to its highest level in more than two weeks, on gains in panamax and supramax rates.

* The overall index, which factors in rates for capesize, panamax, supramax and handysize vessels, gained 12 points at 4,233, its highest since Aug. 27.

* The capesize index dropped 37 points, or 0.6%, to 6,437. But the index was still close to a 12-year peak scaled on Tuesday, driven in part by weather-related disruptions in the East China Sea.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, decreased $311 to $53,381.

* Iron ore futures in China hit a nine-month low on Wednesday as steel output in China continued to slide.

* "As disruption on the Australia-China coal trade enters its second year, new matches are being made between buyers and sellers," said BIMCO's chief shipping analyst Peter Sand in a note.

* "These changes fit into the wider picture of a strong dry bulk market influenced by congestions, particularly in Asia, soaking up tonnage and pushing freight rates upwards," he added.

* Factors including an overall strong rebound in demand for commodities, congestion in ports, especially in China, and global shipping constraints pushed the main dry bulk index to an 11-year peak on Aug. 27.

* The panamax index rose for a fifth straight session, adding 44 points, or 1.2%, to 3,800, highest in over 2 weeks.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased $398 to $34,201.

* Among smaller vessels, the supramax index added 37 points to 3,247. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Amy Caren Daniel)