The Baltic Exchange’s main dry bulk sea freight index extended gains to a fifth straight session on Tuesday on firm demand across vessel segments, with Panamax hitting its highest since late April.
The overall index, which factors in rates for Capesize, Panamax, and Supramax shipping vessels rose 26 points, or 2.2% to 1,235.
The Panamax index gained 67 points, or 4.4%, to 1,575, its highest level since April 28.
Average daily earnings for Panamax vessels, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $606 to $14,176.
Iron ore futures gained for a second session, as better-than-expected loan data from top iron ore consumer China, a stronger yuan, and anticipation of pre-holiday restocking bolstered investor sentiment.
The Capesize index edged up by 6 points to 1,330.
Average daily earnings for Capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased from $45 to $11,027.
Among smaller vessels, the Supramax index added 19 points to 1,118 points.
Argentina must collect tolls on a crucial waterway, the country’s energy chief said on Monday after meeting with Paraguayan officials, as a multi-nation conflict over fees for ships carrying grains and other exports intensifies.
Source: Hellenic Shipping News
