The Baltic Exchange’s main sea freight index rose to an 11-month high on Thursday as demand for capesize vessels remained strong.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, gained 49 points, or 2.8%, to 1,827.
The capesize index added 181 points, or 6.5%, to 2,982, its highest level since June 20, 2022.
The panamax index declined for a sixth straight session, shedding 33 points, or about 2.0%, to 1,592.
Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tonnes of coal or grain cargo, decreased $298 to $14,329.
“The Panamax market is experiencing a cautious period, with lingering high congestion in Brazil and a spread-out fleet, especially noticeable to the west of Suez,” shipbroker Fearnleys wrote in a weekly note, referring to the panamax segment.
Among smaller vessels, the supramax index slipped 8 points to 1,236.
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