The Baltic Exchange’s dry bulk sea freight index, which measures rates for vessels moving dry bulk commodities, advanced to its highest level since early December on Thursday, aided by increased capesize demand.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, edged 47 points higher to 1,159 points, highest since December 9.
The capesize index gained 176 points to 1,573 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, gained $1,462 to $13,046.
Iron ore futures prices closed lower, pressured by escalating tariff measures against Chinese steel, though solid demand for the steel-making ingredient in top consumer China cushioned the downward trend.
The panamax index fell for a third consecutive session, dropping 36 points to 1,092 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, shed $325 to $9,831.
Among smaller vessels, the supramax index lost 4 points to 903 points, snapping its seventeen-session winning streak.
Source: Reuters
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