The Baltic Exchange’s dry bulk sea freight index tracking rates for ships carrying dry bulk commodities extended gains on Tuesday, led by a jump in the capesize vessel segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 28 points, or 1.5%, to 1,947 points, its highest since July 15.
The main index registered its best day in 18 months on Monday on a jump in the capesize vessel segment.
The capesize index jumped 101 points, or 3.1%, to 3,349 points, and hit its highest in two months.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, increased $839 to $27,774.
The panamax indexfell 5 points to 1,300 points and hit its lowest in more than a year.
Average daily earnings for panamax vessels, which usually carry about 60,000-70,000 tons of coal or grain cargo, decreased $45 to $11,703.
Dalian iron ore futures logged their sharpest daily drop in almost two years as bleak economic data from top consumer China clouded the demand outlook, while firm global supply also weighed on prices.
Among smaller vessels, the supramax index was down 9 points at 1,280.
Source: Reuters