The Baltic Exchange’s dry bulk sea freight index tracking rates for ships carrying dry bulk commodities edged up on Thursday supported by stronger rates for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 17 points. or o.9%, to 1,919 points
The capesize index added 61 points, or 1.9%, to 3.285 points.
Average daily earnings for capesize vessels, which typically transport 150.000-ton cargoes. such as iron ore and coal, increased $509 to $27.247.
“Even against the backdrop of weak steel, iron ore and coal markets, the (capesize) segment has continued to see healthy rates due to constrained supply brought on by longer ton-miles and limited new capacity.” Jefferies analysts wrote in a note.
The panamax index slipped 6 points to 1.294 points, and hovered around its lowest in more than a year.
Average daily earnings for panamax vessels, which usually carry about 60.000-70,000 tons of coal or grain cargo, decreased $53 to $11.646.
Dalian iron ore futures fell for the fifth straight session on Thursday to hit their lowest in more than a year, as a batch of weak Chinese economic data darkened prospects of demand from the world’s top consumer of the steel ingredient
Among smaller vessels, the supramax index was down 5 points at 1,266 points.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru. Editing by Leroy Dsouza)
