The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, extended gains from the previous session on Thursday as rates for panamax and supramax vessels rose.
The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, gained 8 points, or 0.4%, to 1,947.
The capesize index .BACI lost 32 points, or 1%, to 3,183.
Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes, such as iron ore and coal, were down $270 at $26,396.
Iron ore futures prices rebounded on Thursday amid mounting speculation that China will announce more stimulus in its third plenum after disappointing June inflation data.
The panamax index .BPNI rose 59 points, or about 3.7%, to 1,638, its highest level since July 2.
Average daily earnings for panamax vessels. BPWT, which usually carries about 60,000–70,000 tons of coal or grain cargo, increased $530 to $14,739.
Among smaller vessels, the supramax index .BSIS edged higher 8 points, or 0.6% to 1,361.
Source: Reuters
