The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, gained for a fifth straight session on Thursday, supported by an uptick in rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 15 points, or 1.4%, to 1,103 — its highest in two weeks.
The capesize index rose 26 points, or 1.6%, to 1,691.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $218 to $14,028.
Iron ore futures surged for a third straight session, buoyed by China’s strong June iron ore import data and credit growth, although a bleak economic outlook and geopolitical tensions capped gains.
The panamax index was up 15 points, or 1.4%, at 1,101 — hitting its highest level since June 26.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $132 to $9,906.
“The movement has picked up in the Atlantic with a good volume of activity both in the south and north of the basin with fronthaul rates in particularly returning solid improvements,” shipbroker Fearnleys said in a weekly note referring to the panamax segment.
Among smaller vessels, the supramax index gained 9 points, or 1.2%, to 743, its best day since mid-June.
Source: Reuters reported by Daksh Grover in Bengaluru and edited by Shilpi Majumdar
