The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a six-session long streak of declines on Tuesday, on a pickup in rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 27 points or 2.5% to 1,107.
The capesize index rose 31 points, or 2.6%, to 1,205, rising for the first time in eight sessions.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $262 to $9,997.
Dalian iron ore futures extended declines, as traders remained cautious on shrinking steel margins and lack of any clear signs of improved downstream demand despite a raft of stimulus steps.
The panamax index was up 49 points, or 3.4%, at 1,498.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $440 to $13,481.
The Panama Canal expects to maintain restrictions on daily vessel transit and maximum draft for at least 10 more months amid a prolonged drought that has lowered the water level, an official from the waterway said on Thursday.
Among smaller vessels, the supramax index rose 10 points, or 1.1%, to 918.
Source: Reuters reported by Daksh Grover in Bengaluru
