The Baltic Exchange’s main sea freight index racking rates for ships carrying dry bulk commodities rose on Wednesday, supported by gains in larger vessels.
The overall index, which factors in rates for capesize. panamax and supramax shipping vessels, added 22 points, or 1.1%, to 1.963
The capesize index gained 33 points, or 1%, to 3.375.
Average daily earnings for capesize vessels, which typically transport 150.000-ton cargoes such as iron ore and coal, increased $274 to $27.986
The panamax index added 39 points, or 3% to 1.356 points.
Average daily earnings for panamax vessels, which usually carry 60.000-70,000 tons of coal or grain cargo, increased $352 to $12.204
“So far this year, Chinese volume growth accounted for 73% of total dry bulk cargo growth.” Filipe Gouveia, analyst at BIMCO, said in a note
“Ships in the capesize and panamax segments have benefited most with their cargo volumes increasing 6% y/y and 11% y/y respectively”
Prices of iron ore futures rose as firmer exports and softer supply in China outweighed concerns over the top consumer’s faltering demand outlook and economic recovery.
Among smaller vessels, the supramax index edged up 1 point to 1.259.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru, Editing by Maju Samuel)
