Aug 6 (Reuters) – The Baltic Exchange’s main sea freight index gained on Thursday, as rates across vessel segments firmed.
* The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, was up 25 points, or 1.7%, at 1,500.
* The Baltic capesize index inched up 6 points, or 0.2%, to 2,464.
* Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, were up $51 at $20,434.
* “Although spot rates have softened in recent weeks, the market remains firm and we expect the dry bulk market to remain much stronger in the second half of 2020 compared to the first half as the Chinese economy continues to recover,” Randy Giveans, vice president, equity research, at Jefferies said in a note.
* Iron ore futures jumped on Thursday, with Dalian prices scaling a new 2020 peak and the Singapore benchmark up for an eighth straight session, as more signs of improving downstream steel demand in China supported prices.
* The panamax index gained 84 points, or 6%, at 1,494, it’s highest since July 17.
* Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $755 to $13,448.
* The supramax index edged up 3 points to 847. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Krishna Chandra Eluri)
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