The Baltic Exchange’s main sea freight index extended gains on Wednesday hitting its highest in nearly three months, buoyed by higher rates for the capesize vessels.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 2 points to 2,016 points, hitting its highest since July 4.The capesize index added 14 points to 3,315 points.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $117 to $27,495.The panamax index was down 17 points or 1.1% at 1,543 points.Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, decreased $153 to $13,886.Prices of iron ore futures surged to their highest levels in more than three weeks, as a fresh batch of monetary easing policies from top consumer China boosted market sentiment, while lower global supply also lent support.Among smaller vessels, the supramax index was up 5 points at 1,317.Source: Reuters