The Baltic Exchange’s dry bulk sea freight index rose on Tuesday, as a jump in capesize segment to its highest in over 10 weeks offset a decline 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, gained 48 points, or about 3.1%, to its highest since late October at 1,596.
The capesize index climbed 179 points, or about 8.2%, to 2,365, its highest level since Oct. 7.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, increased $1,491 to $19,617.
Most routes noted strong returns, with a healthy trade in the Atlantic basin, shipbroker Allied said in its weekly note, referring to the capesize segment.
Chinese coking coal futures dropped more than 3% on Tuesday, extending losses as supply of the steel-making input might increase if and when Beijing lifts trade sanctions against Australia.
The panamax index fell 23 points, or about 1.4%, to its lowest in over two weeks at 1,622.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, decreased $213 to $14,595.
The supramax index shed 15 points at 1,131.
Source: Reuters
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