The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose to an over two-week high on Monday, helped by an uptick in rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 12 points or 0.7% to 1,655, its highest since Oct. 26.
The capesize index added 18 points or 0.7% to 2,607, its highest level in nearly three weeks.
- Promotional Ads -
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, added $146, rising to $21,619.
Iron ore futures extended gains for the fourth straight session, buoyed by optimism over Chinese property sector-related stimulus and supportive fundamentals, despite a weakening steel market and fears of tightened government supervision.
The panamax index added 18 points or 1.2% to 1,548. The index gained for the fifth straight session.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, was up $161 to $13,934.
Among smaller vessels, the supramax index rose 2 points or 0.2% to 1,127.
Source: Reuters (Reporting by Hissay Ongmu Bhutia in Bengaluru; Editing by Tasim Zahid)