Baltic index inches higher on firm capesize demand

Jan 6 (Reuters) - The Baltic Exchange's dry bulk sea freight index edged higher on Thursday, buoyed by an uptick in capesize and panamax vessel rates.

* The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 7 points to 2,296.

* The capesize index rose 55 points, or 2.4%, to 2,356.

* Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose by $451 to $19,535.

* Iron ore futures rose on Thursday, on expectations of a recovery in Chinese demand for the steelmaking raw material and steel products after the Beijing 2022 Olympics next month.

* The panamax index edged 10 points higher to 3,013.

* Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, rose by $94 to $27,117.

* "This week started with uncertainty for the Indonesian coal export after the government put a ban during the weekend," shipbroker Fearnleys said in a weekly note dated Wednesday.

* "Though most of the drama has calmed down, both charterers and owners for this trade have avoided new business before the situation is clearer."

* Major Indonesian coal miners have sought exemptions from a coal export ban put in place at the start of the year as the costs of having scores of ships stranded offshore continue to mount.

* The supramax index slipped 41 points to its lowest level since April 2021 at 2,124. (Reporting by Brijesh Patel in Bengaluru; Editing by Shinjini Ganguli)

Copyright © Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.

Search News

Filter Results

Publication Date

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.