The Baltic Exchange’s dry bulk sea freight index, which measures shipping rates for vessels transporting dry bulk commodities, rose for the fourth consecutive session on Wednesday, buoyed by rising rates across panamax and supramax vessel segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 18 points to 771 points.
The capesize index was down 32 points to 812 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, decreased by $264 to $6,734.
Iron ore futures fell on Wednesday as investors fretted over trade tensions between the United States and top consumer China, although shipping snags in Western Australia cushioned the decline.
The panamax index gained 87 points to 988 points, its highest since Jan. 9.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased by $783 to $8,895.
Among smaller vessels, the supramax index was up 14 points at 619 points.
Source: Reuters
