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Baltic index posts second weekly jump as vessel demand grows


April 16 (Reuters) – The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, was up on Friday, advancing for a second week in a row, on higher rates across vessel segments.

* The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, climbed 62 points, or 2.7%, to a more than one-year high of 2,385.

* The main index firmed 14.4% this week, recording its best week since March 19.

* The capesize index gained 56 points, or 1.7%, at 3,439, a peak since October last year.

* The index added 19.3% for the week and marked its third weekly gain in a row.

* ​Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $464 at $28,520.

* Chinese coking coal futures surged almost 6% on Friday, climbing to a three-month peak, after some major coal-producing regions ramped up their safety inspections, stoking supply concerns.

* The panamax index jumped 113 points, or 5.1%, to an over one-week high of 2,347.

* The index grew 17.2% this week, and was up for the first week in four.

* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, added $1,009 at $21,119.

* The supramax index rose 38 points to 1,849, gaining 3.9% this week and logging its first weekly rise in four. (Reporting by Bharat Govind Gautam in Bengaluru; Editing by Amy Caren Daniel)



Read More: Baltic index posts second weekly jump as vessel demand grows

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