The Baltic Exchange’s dry bulk sea freight index rose for a third straight session on Thursday and was set for a weekly gain, thanks to a jump in rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 69 points, or about 3.3%, to 2,137 points. The index added 4% this week, its first gain in five weeks.
The capesize index jumped 110 points, or 8.02%, to 1,481 points, its highest in over a week. It notched a weekly gain of about 2.6%.
Average daily earnings for capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, increased by $915 to $12,285.
Wheat from Russia and Bulgaria was offered at the lowest prices, including ocean shipping costs, in the second round of Egypt’s wheat purchase tender on Wednesday.
The panamax index climbed 74 points, or about 2.5%, to 3,042 points. The index rose 9.5% for the week.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose by $667 to $27,378.
Chinese steel futures traded higher as investors looked for government measures to uplift its economy reeling from a recent resurgence in COVID-19 cases.
The supramax index gained 36 points to 2,497 points.