
July 15 (Reuters)– The Baltic Exchange’s major sea products index struck a five-and-a-half-year high up on Monday on the back of solid need for capesize vessels delivering iron ore.
* The Baltic index, which tracks prices for ships shuttling completely dry mass assets, climbed 3.4%, or 63 factors, to 1,928, its greatest given that January 2014. The index has actually tripled given that February.
* The index climbed 7.2% recently for a 4th straight week, mostly driven by solid need for vessels that deliver iron ore from Brazil.
* A reactivate of Vale SA’s Brucutu mine in Brazil in June, which was closed in very early February after a tailings clog ruptured eliminating greater than 240 individuals, has actually triggered boosted need from the nation.
* The capesize index climbed 183 factors, or 5.2%, to 3,724 factors, its greatest given that December, 2017.
* Average day-to-day profits for capesizes, which usually carry 170,000 tonne-180,000 tonne freights such as iron ore as well as coal, climbed $1,190 to $28,579.
* China’s day-to-day crude steel outcome climbed to tape-record degrees in June, according to Reuters estimations, also as anti-pollution limitations pressed whole-month manufacturing a little reduced, main information revealed on Monday.
* The panamax index climbed 47 factors, or 2.4%, to 1,992 factors, its greatest given that December 2013.
* Average day-to-day profits for panamaxes, which generally lug coal or grain freights of concerning 60,000 tonnes to 70,000 tonnes, boosted $383 to $15,919.
* Tight area market for capesize vessels has actually driven iron ore carriers to publication panamax vessels, driving prices greater, experts claimed.
* The supramax index bordered 9 factors greater to 888 factors. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Shailesh Kuber)
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