The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, hit a 17-week peak on Thursday as rates for all vessel segments rose.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 91 points to 1,650 points, its highest level since November 18.
The capesize index was up 134 points to 2,893 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, climbed $1,108 to $23,992.
Prices of iron ore futures rebounded, driven by a wave of short-covering as near-term demand in top consumer China stayed resilient, although concerns over escalating trade tensions limited the upside.
The panamax index hit a 17-week high, adding 142 points to 1,300.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $1,279 to $11,700, its highest level in 17 weeks.
“Dry bulk has continued to showcase healthier volumes as the market moves past the seasonally slow first part of the year with capesize rates remaining an out-performer,” said Jefferies analyst Omar Nokta in a note.
Among smaller vessels, the supramax index rose 23 points to 895 points.
Source: Reuters
The post Baltic index at 17-week high on higher rates for all vessel segments appeared first on Shipping Herald.