The Baltic Exchange’s main sea freight index .BADI, tracking rates for ships carrying dry bulk commodities, rose to its highest in nearly two weeks on Tuesday, driven by gains in the capesize vessel segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 36 points or 2.4% to 1,559.
The capesize index .BACI rose for the third straight session, gaining 108 points or 4.7% to 2,427.
Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $892 to $20,126.
“In the Atlantic, little fixing information emerged, but tight tonnage for transatlantic voyages led to a rate increase”, shipbroker Allied wrote in a weekly note dated Monday.
Iron ore prices fell as traders remained cautious after a state-backed bourse in top consumer China said it would limit trading volumes of futures contracts for the key steelmaking ingredient.
The panamax index .BPNI rose 5 points or 0.4% to 1,453.
Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, added $49 to $13,078.
Among smaller vessels, the supramax index .BSIS lost a point or 0.1% to 1,097.
China’s imports unexpectedly grew in October while exports contracted at a quicker pace, in a mixed set of indicators that showed the recovery in the world’s second-largest economy remains uneven amid multiple challenges at home and abroad.
Source: Hellenic Shipping News
