Baltic Dry Index hits more than six-week high
2024-05-07 13:20:12
Gold Ten Futures, May 7 (Reuters) - The Baltic Dry Index extended gains on Tuesday, hitting its highest level in more than six weeks, supported by gains in the large ship index. The Baltic Dry Index rose 207 points, or 11.03 percent, to 2,083, its highest level since March 25. The Capesize Index rose 21.2 percent to 3,239. Capesize's average daily profit rose $4,698 to $26,864. The Panamax Index rose 65 points, or about 3.5 percent, to 1,949. Panamax's average daily profit rose $593 to $17,545. The Ultra Handysize Index rose 3 points to 1,461. Jefferies analysts said, "The dry bulk market continues to outperform expectations. Capesize spot activity remains high in key loading regions such as Australia (iron ore), Brazil (iron ore) and West Africa (bauxite). "
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