The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday, supported by increases across all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 6 points, or 0.3%, to 1,896.
The capesize index added 8 points, or 0.3%, to 3,097 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $64 to $25,684.
The panamax index gained 14 points, or about 1% to reach 1,442 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, increased $229 to $12,976.
Meanwhile, Goldman Sachs on Monday cut its iron ore price forecast for the fourth quarter of 2024 citing oversupply despite demand from top consumer China stabilized.
Among smaller vessels, the supramax index edged up 1 point to 1,265.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Vijay Kishore)
