The Baltic Exchange’s dry bulk sea freight index rose on Wednesday, supported by a strong gain in the capesize vessel segment.
The index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 22 points to 1,427 points.
The capesize index rose 93 points to 2,060 points.
Average daily earnings for capesize vessels which typically transport 150,000-ton cargoes such as iron ore and coal, increased $776 to $17,086.
Iron ore futures slipped as investors shifted their focus to weak fundamentals of the key steelmaking ingredient from expectations of more stimulus in top consumer China.
The panamax index lost 6 points to 1,185 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain cargo, fell $60 to $10,662.
Among smaller vessels, the supramax index lost 18 points to 1,118 points.
Source: Reuters