The Baltic Exchange’s main sea freight index edged higher on Thursday, buoyed by an uptick in panamax vessel rates.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose by 5 points to 1,128.

The panamax index gained 30 points, or 2.8%, to 1,112, up for the seventh straight session.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased by $269 to $10,010.

“A positive week as sentiment continues to be positive on back of fresh inquiries and thinner prompt tonnage. Market stays balanced with optimism next week opening,” shipbroker Fearnleys said in a weekly note, referring to the panamax segment.

The capesize index dropped by 5 points to 1,803.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, decreased by $41 to $14,956.

Iron ore futures slumped on fresh concerns about China’s steel production curbs and recovery prospects for the struggling domestic property sector.

Among smaller vessels, the supramax index fell by 5 points to 695.

Source: Reuters