The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, inched up to a three-week high on Tuesday, as higher rates for smaller vessel segments offset weakness in the capesize index.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 7 points or 0.4% to 1,662.
The capesize index was down 33 points or 1.3% to 2,574, snapping a three-session winning streak.
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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, was down $275, falling to $21,344.
Iron ore futures advanced as market participants weighed property sector-related stimulus in top consumer China and a fall in shipments against weaker demand for steel.
The panamax index rose for the sixth straight session. It added 59 points or 3.8% to 1,607.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, was up $530 to $14,464.
Among smaller vessels, the supramax index rose 6 points or 0.5% to 1,133.
Source: Reuters (Reporting by Hissay Ongmu Bhutia in Bengaluru; Editing by Tasim Zahid)