The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, snapped a five-day losing streak on Wednesday, supported by gains in capesize vessel rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 11 points, or 0.6%, to 1,961 points.
The capesize index gained 59 points, or 2.1%, to 2,843 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $491 to $23,580.
Iron ore futures prices gained on Wednesday for a third straight session to hit their highest in two weeks, bolstered by optimism on a trade deal between the U.S. and China.
Donald Trump and South Korean President Lee Jae Myung finalised details of their fraught trade deal at a summit in South Korea on Wednesday, and the U.S. president also sounded an optimistic note about a looming summit with China’s Xi Jinping.
Meanwhile, the panamax index fell for a third straight session, losing 19 points, or 1%, to 1,885 points, hitting its lowest level since October 21.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, fell by $176 to $16,962.
Among smaller vessels, the supramax index lost eight points to 1,342 points.
Source: Reuters