The Baltic Exchange’s main sea freight index, which tracks rates for vessels transporting dry bulk commodities, climbed on Tuesday to its highest level in a month, buoyed by broad-based gains across all vessel segments.
The main index, which tracks rates for capesize, panam ax and supramax shipping vessels, gained 83 points, or 4.7%, to 1,866 points, its highest level since June 18.
The capesize index rose 166 points, or 7%, to 2,533.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $1,370 to $21,003.
Iron ore futures rebounded, reversing early losses as positive economic data and strengthening ties between major producer Australia and top consumer China outweighed persistent weakness in China’s property sector.
The panam ax index rose 41 points, or 2.1%, to 1,990. The contract was up for a ninth straight session.
Average daily earnings for panam ax vessels, which usually carry 60,000-70,000 tons of coal or grain, gained $370 to $17,914.
Among smaller vessels, the supramax index added 43 points, or 3.5%, to 1,287.
Source: Reuters
