The Baltic Exchange’s main sea freight index rose on Monday to a more than three-week high as the capesize segment strengthened.
The overall index, which factors in rates for capesize, Panamax, and supramax shipping vessels, was up 49 points, or 2.12%, at 2,356 points, its highest since April 1.
The capesize index gained 158 points, or 8.56%, to 2,003 points, its highest in more than one month.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,310 at $16,609.
The panamax index was down 37 points, or 1.23%, at 2,967 points.
The average daily earnings for panamaxes, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargo, decreased by $336 to $26,703.
However, China’s Dalian iron ore dropped nearly 11% on Monday to a more than one-month low, as a broad-based decline in global markets and concerns over steel demand in China dragged down prices.
European traders said on Monday that Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 60,000 tonnes of soymeal.
The supramax index rose 21 points to 2,699 points.
Source: Shipping Tribune
