The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, on Tuesday posted its biggest single-day gain since late July, propelled by a jump in the capesize segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 87 points, or 6.1%, to 1,526.
The capesize index added 193 points, or 11.03%, to 1,942, its highest level since June 26.
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Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,600 to $16,103.
“In the Pacific, overall activity moved on a good pace, with coal demand providing fair support, especially at the early part of the week,” shipbroker Allied wrote in a weekly note, referring to the capesize segment.
“In the Atlantic, we noticed a tighter tonnage availability, that helped build better momentum in terms of rates in most areas.”
The panamax index rose 27 points, or 1.6%, to 1,693, its highest in more than five months.
Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $243 to $15,238.
Iron ore futures extended declines as mounting domestic supply and ongoing demand concerns amid a lingering property slump dampened investor sentiment.
Among smaller vessels, the supramax index added 46 points, or 3.7%, to 1,286.
A cargo vessel carrying grain has departed Ukrainian Black Sea port of Chornomorsk for the first time since the grain deal collapsed.
Source: Reuters (Reporting by Daksh Grover in Bengaluru; Editing by Shilpi Majumdar)