{"id":11998,"date":"2020-06-20T02:52:20","date_gmt":"2020-06-19T23:52:20","guid":{"rendered":"https:\/\/www.al-sindbad.net\/chinese-demand-lifts-baltic-index-to-record-weekly-gain\/11998\/"},"modified":"2020-06-20T02:52:20","modified_gmt":"2020-06-19T23:52:20","slug":"chinese-demand-lifts-baltic-index-to-record-weekly-gain","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/chinese-demand-lifts-baltic-index-to-record-weekly-gain\/11998\/","title":{"rendered":"Chinese Demand Lifts Baltic Index to Record Weekly Gain"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.maritimeprofessional.com\/images\/maritime\/w200\/masterskuz55-adobe-stock-113985.jpeg\" \/><\/p>\n<p>The Baltic Exchange&#8217;s main sea freight index, which tracks rates for ships ferrying dry commodities around the world, posted its biggest weekly gain ever, underpinned by a rebound in global commodities trading as iron ore demand from China picked up.<\/p>\n<p><\/p>\n<p>The 35-year old index, which reflects rates for capesize, panamax and supramax ships, has now surged nearly 300% since tumbling to a low of 393 points in May following a freeze in global trade due to coronavirus-led lockdowns.<\/p>\n<p><\/p>\n<p>&#8220;Most of the strength is due to increased Chinese steel mill demand for iron ore coupled with the increased production and exports out of Brazil,&#8221; said Randy Giveans, vice-president, equity research, at Jefferies.<\/p>\n<p><\/p>\n<p>&#8220;The length of the rally will all depend on how aggressive China is in restocking their depleted inventories as well as the ongoing recovery and stimulus activity in Asia.&#8221;<\/p>\n<p><\/p>\n<p>The index rose 28 points, or 1.8%, on Friday to a more than six-month high of 1,555, clocking a record weekly gain of 68.5%.<\/p>\n<p><\/p>\n<p>The Baltic capesize index jumped 147 points, or 4%, to 3,819, its highest since late September. It has soared more than 150% this week, after a near 50% jump on Thursday.<\/p>\n<p><\/p>\n<p>Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, increased by $231 to $25,511.<\/p>\n<p><\/p>\n<p>Helping the sentiment during the week, Brazilian iron ore miner Vale SA said on Wednesday it could reopen mines in the Itabira complex shuttered due to coronavirus.<\/p>\n<p><\/p>\n<p>Dalian iron ore futures booked their seventh straight weekly gain on Friday.<\/p>\n<p><\/p>\n<p>The panamax index rose 61 points, or 5.5%, to 1,178. The index has surged 38.3% this week, the most since July 2014.<\/p>\n<p><\/p>\n<p>Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $548 to $9,267.<\/p>\n<p><\/p>\n<p>The supramax index rose 9 points, or 1.4%, to 657, marking its eighth straight weekly rise.<\/p>\n<p><\/p>\n<p><\/p>\n<p><\/p>\n<p><em>(Reporting by Anjishnu Mondal and Swati Verma; Editing by Vinay Dwivedi and Saumyadeb Chakrabarty)<\/em><\/p>\n<p>maritime professional<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Baltic Exchange&#8217;s main sea freight index, which tracks rates for ships ferrying dry commodities around the world, posted its biggest weekly gain ever, underpinned by a rebound in global commodities trading as iron ore demand from China picked up. The 35-year old index, which reflects rates for capesize, panamax and supramax ships, has now &hellip;<\/p>\n","protected":false},"author":1,"featured_media":11999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[1559,777,1376,1561,1560,1613,2647,1366],"class_list":["post-11998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-baltic","tag-chinese","tag-demand","tag-gain","tag-index","tag-lifts","tag-record","tag-weekly"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/11998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=11998"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/11998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/11999"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=11998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=11998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=11998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}