Rising rates across all segments push Baltic index to one-week peak

Dow Jones Industrial Average -0.77%
S&P 500 index -0.43%
NASDAQ -0.22%

Dow Jones Industrial Average

DJI

45282.47

-0.77%

S&P 500 index

SPX

6439.32

-0.43%

NASDAQ

IXIC

21449.29

-0.22%

- The Baltic Exchange's dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose to a one-week high on Monday, helped by gains across all vessel segments.

* The main index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, added 9 points, or 0.6%, to 1,652 points, its highest level since March 17.

* The capesize index .BACI extended gains, rising 14 points, or 0.5%, to 2,690 points.

* Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $121 to $22,311.

* Iron ore futures strengthened as higher demand for the key steelmaking ingredient in top consumer China outweighed worries of steel production cuts. IRONORE/

* The panamax index .BPNI rose by 14 points, or nearly 1%, to 1,389.

* Average daily earnings for panamax vessels .BPWT, which usually carry 60,000-70,000 tons of coal or grain, gained $125 to $12,504.

* Among smaller vessels, the supramax index .BSIS ticked higher to 1,013 points, a level not seen in over four months.

* Elsewhere, U.S. and Russian officials held talks in Saudi Arabia aimed at making progress towards a broad ceasefire in Ukraine with Washington eyeing a separate Black Sea maritime ceasefire deal before securing a wider agreement.


(Reporting by Daksh Grover in Bengaluru; Editing by Sahal Muhammed)

((Daksh.Grover@thomsonreuters.com;))

Every question you ask will be answered
Scan the QR code to contact us
whatsapp
Also you can contact us via