The Baltic Exchange’s main sea freight index rose on Thursday, helped by rising rates across the capesize and panamax segments.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 62 points to 1,692 points.
The capesize index rose by 190 points to 2,936 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $1,576 to $24,347.
Iron ore futures prices fell to a three-week low as the supply of the key steelmaking ingredient remained firm amid a weaker steel market outlook, although fresh stimulus measures by top consumer China for its property sector limited the losses.
The panamax index rose 5 points to 1,213 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, gained by $50 to $10,921.
Among smaller vessels, the supramax index lost 7 points to 1,029 points.
Source: Reuters (Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Shreya Biswas)
