The Baltic Exchange’s main sea freight index .BADI, tracking rates for ships carrying dry bulk commodities, gained on Tuesday, helped by higher rates for capesize vessel segment, reports XM.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 18 point, or 1.7%, at 1,074, its highest level in two weeks.
Capesize index
The capesize index .BACI extended gains for the seventh straight session, adding 55 points, or 3.6%, to 1,587.
Average daily earnings for capesizes .BATCA, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $461 to $13,163.
“A swift turn of fortunes over the week due to iron ore fixing activity from Australia, and to a lesser extent Brazil, as Chinese buyers aim to meet demand now against a backdrop of rising iron ore futures” helped the capesize segment, shipbroker Allied wrote in a weekly note.
Singapore and Dalian iron ore futures rebounded as market sentiment improved after the central bank of the world’s top steel producer, China, lowered a short-term lending rate for the first time in 10 months. IRONORE/
Panamax index
The panamax index .BPNI, was unchanged at 1,144 points.
Average daily earnings for panamaxes .BPWT, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $2 to $10,297.
Supramax index
Among smaller vessels, the supramax index .BSIS lost 4 points at 722.
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Source: XM
