The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Thursday as rates across vessel segments gained.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 86 points, or 4.6%, to 1,976.
The capesize index rose 229 points, or 7.6%, to 3,253 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $1,897 to $26,980.
The panamax index climbed 26 points, or about 1.7%, to reach 1,528 points, its highest level in a month.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $237 to $13,753.
Prices of iron ore futures gained ground on Thursday, as prospects of fresh Chinese monetary stimulus and lower inventories overshadowed concerns of the top consumer’s weakening domestic demand.
Among smaller vessels, the supramax index edged 6 points higher to 1,276.
Source: Reuters (Reporting by Brijesh Patel in Bengaluru; Editing by Shreya Biswas)
