The Baltic Exchange’s dry bulk sea freight index, which tracks rates for ships carrying dry bulk commodities, extended its gains to its highest level in more than three weeks on Wednesday, supported by higher rates for capesize segment.
* The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 24 points, or 1.4%, to 1,759, its highest since July 30.
* The capesize index climbed 97 points, or about 3.6%, to 2,788, its highest since July 24.
* Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, such as iron ore and coal, increased $803 to $23,122.
* Prices of iron ore futures climbed to their highest levels in a week as supportive property measures in top consumer China revived hopes for improved demand in the coming months.
* The panamax index lost 34 points, or 2.2%, to 1,487 points.
* Average daily earnings for panamax vessels, which usually carries about 60,000-70,000 tons of coal or grain cargo, decreased $306 to $13,382.
* Among smaller vessels, the supramax index was up 1 point at 1,310 points.
Source: Reuters