The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose for a fourth straight session to hit an over three-month peak on Tuesday, buoyed by rising panamax vessel segment rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose, adding 12 points to 1,436 points, its highest level since November 27.
The panamax index was up 50 points at 1,064 points, a one-week high.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, added $456 to $9,578.
The capesize index fell 4 points to 2,474 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, fell $40 to $20,514.
Singapore iron ore futures prices were up, driven by expectations of increased demand as steelmakers in the northern region of top consumer China are set to resume production following the conclusion of the annual parliament meeting.
Among smaller vessels, the supramax index remained unchanged at 864 points.
Source: Reuters
