The Baltic Exchange’s main sea freight index snapped its three session losing streak on Thursday, helped by stronger vessel rates across segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, hit a month high. It rose 100 points, or 5.7%, to 1,855.
The capesize index gained 264 points, or 11%, to 2,679.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, were up $2,187 to $22,216. * Iron ore futures retreated, as intervention from authorities in top consumer China to curb the recent price rally weighed on sentiment, although prospects for improved demand capped losses.
The panamax index added 26 points, or 1.3%, to 2,034. It gained for the thirteenth straight session.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, gained $233 to $18,308.
The Panamax market is experiencing a notable rise in sentiment, led by a tight supply of North Atlantic ships pushing rates up. The South Atlantic showed potential for higher rates, while the Pacific market, especially around NoPac and Australia, remained strong,” shipbroker Fearnleys wrote in a weekly note dated Wednesday.
Among smaller vessels, the supramax index rose 18 points, or 1.4%, to 1,265.
“Strong rates in the Atlantic pushed indexes with substantial gains,” Fearnleys added on Supramax segment.
Source: Hellenic Shipping News
