The Baltic Exchange’s dry bulk sea freight index rose on Wednesday to its highest level in more than a month, supported by strong demand for capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 44 points, or about 3.2%, to 1,401, its highest since Oct. 31.
The capesize index was up 122 points, or about 7.6%, to its highest in almost seven weeks at 1,723.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, increased $1,017 to $14,293.
Chinese iron ore and steel futures rose on Wednesday on optimism that a surge in COVID-19 infections would prompt more stimulus measures to shore up the world’s second-largest economy.
The panamax index rose 10 points, or about 0.6%, to 1,643.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $86 to $14,786.
The supramax index gained 3 points at 1,170.
Source: Hellenic Shipping News
