The Baltic Exchange’s dry bulk sea freight index extended gains for a fourth straight session to hit an over one-month high on Wednesday, buoyed by firm rates in the capesize and supramax segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 44 points, or 2.7%, at 1,676 points, its highest since Jan. 9.
The capesize index gained 134 points, or 5.6%, to 2,543, a six-week high.
Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $1,111 to $21,092.
“The scarcity of supply, particularly in the Atlantic, has continued to bolster rates due to ongoing disruptions in both the Panama and Suez canals, which have had a positive impact on tonne-mile demand from the perspective of shipowners,” Intermodal Research Analyst Chara Georgousi said in a weekly note on Tuesday.
The panamax index snapped its eleven-session rising streak, shedding 33 points, or 1.9%, to 1,673 points.
Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, was down $294 at $15,058.
Among smaller vessels, the supramax index rose for a sixth straight session to reach its highest level since Jan. 19. It gained 25 points to 1,154 points.
Source: Reuters
