The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, snapped a three-session losing streak on Thursday, helped by higher rates for capesize vessels.
The overall index .BADI, which factors in rates for capesize, panamax and supramax shipping vessels, gained 22 points, or 1.2%, to 1,912.
The capesize index .BACI rose 67 points, or 2.3%, to 3,007, the first daily percentage gain since July 12.
Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes, such as iron ore and coal, were up $562 at $24,941. The panamax index .BPNI was up 1 point, or 0.1%, to 1,714.
Average daily earnings for panamax vessels .BPWT, which usually carry about 60,000-70,000 tons of coal or grain cargo, increased $8 to $15,423.
“Container freight rates have recently shown signs of a near-term peak on the Asia-USWC route and signs of further softness are underway,” Jefferies analysts wrote in a note.
Among smaller vessels, the supramax index .BSIS was unchanged at 1,370.
Source: Reuters
