The Baltic Exchange’s dry bulk sea freight index (.BADI) rose on Monday as higher demand for capesize vessels offset a dip in rates for the smaller vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 14 points, or about 1.1%, to 1,337, the highest in nearly a week.
The capesize index (.BACI) added 61 points, or about 4.5%, to 1,404, the highest level since Oct. 31.
Average daily earnings for capesizes (.BATCA), which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, were up $509 at $11,648.
Iron ore futures in Singapore retreated after a four-session rally, while the steelmaking ingredient’s contracts on the Dalian Commodity Exchange stretched gains, even as China adhered to a strict COVID-containment approach.
The panamax index (.BPNI) slipped 4 points, or about 0.2%, to 1,696.
Average daily earnings for panamaxes (.BPWT), which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, lost $34 to $15,265.
The supramax index (.BSIS) shed 17 points to 1,251, the lowest since February 2021.
Source: Hellenic Shipping News
