The Baltic Exchange’s main sea freight index extended gains on Monday to touch its highest in close to two months, buoyed by higher rates for the capesize vessels
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 17 points, or 0.9%, to 1,958. The index hit its best since July 15
The capesize index added 48 points, or 1.4%, to 3.404 and hit its highest in more than two months
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $400 to $28.232.
The panamax index ended its losing streak and edged up 8 points, or 0.6% to 1,302 points
Average daily earnings for panamax vessels, which usually carry 60,000-70.000 tons of coal or grain cargo, increased $76 to $11.721
Iron ore futures prices rose after six days of losses, as hopes of fresh stimulus from top consumer China following a batch of tepid economic data lifted market sentiment
Among smaller vessels, the supramax index edged lower 1 point to 1.259.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru, Editing by Vijay Kishore)
