The Baltic Exchange’s main sea freight index , tracking rates for ships carrying dry bulk commodities, snapped a six-session losing streak on Wednesday as rates for larger vessels improved.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 12 points, or 0.92 percent, to 1,320 points.
The capesize index rose 49 points, or 1.87 percent, to 2,667 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $468 to $18,397 after falling for six straight sessions.
“Capesize rates have seen a positive reversal on Wednesday despite the lingering holiday period in the Far East, which has left the market relatively quiet overall… The forward freight agreement market is continuing to build momentum,” Clarksons Platou Securities analysts said in a note.
Markets in China have been shut since the beginning of this month on account of the National Day holiday and the Mid-Autumn Festival. They will resume trade on Oct. 9.
“There is still optimism that once the Chinese get back to action towards the end of the week we may well start to see things heat up once more and rates may well start to show strength,” Allied Shipbroking said in a note.
The panamax index rose 29 points, or 2.33 percent, to 1,276 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $231 to $10,253.
Among smaller vessels, the supramax index fell 16 points to 968 points, and the handysize index fell three points to 609 points.
Source: ReutersPrevious Next