The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, edged higher on Tuesday, aided by gains in the panamax and supramax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 8 points, or 0.8%, to 1,032.
The panamax index was up 31 points, or 3.1%, at 1,027 – posting its best day in five weeks.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $277 to $9,243.
“Grains are offering a promising outlook in the Atlantic over the coming weeks,” shipbroker Allied wrote in a weekly note referring to panamax vessel.
Among smaller vessels, the supramax index snapped a six-session losing streak, rose 4 points, or 0.6%, to 728.
The capesize index eased 5 points, or 0.3%, to 1,550.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased $36 to $12,858.
Singapore iron ore futures rose after China’s central bank extended a rescue package for the country’s property sector, although Dalian saw a more muted response as concerns about near-term volatility and warm weather conditions weighed.
Source: Reuters reported by Sherin Elizabeth Varghese in Bengaluru and edited by Shilpi Majumdar
