The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, hit a more than two-month high on Tuesday on stronger rates across all vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 15 points to 2,014 points, hitting its highest since July 4.
The capesize index added 26 points to 3,301 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $216 to $27,378.
The panamax index was up 8 points at 1,560 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, rose $71 to $14,039.
Prices of iron ore futures surged on Tuesday to log their largest intraday gain in more than a year, as a wave of fresh monetary stimulus from China and restocking ahead of the top consumer’s national holidays lifted market sentiment.
Among smaller vessels, the supramax index was up 11 points at 1,312.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Shreya Biswas)
