The Baltic Exchange’s main sea freight index edged up on Monday as rates for the panamax segment, ferrying coal and grain cargoes, hit a more than three-month high that also helped offset a dip in the larger capesize vessel segment.
- The overall index, which factors in rates for capesize, panamax and supramax shipping vessels ferrying dry bulk commodities, edged up by 6 points to 1,135.
- The panamax index extended its winning streak to a 14th straight session to gain 28 points, or 2.1%, to 1,365. It was highest since May 15.
- Average daily earnings for panamax vessels, which usually carry cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $244 to $12,281.
- A logjam of commercial vessels seeking to pass through the drought-hit Panama Canal, one of the world’s busiest trade passages, has prompted shippers to seek alternative routes.
- Also boosting the main index, the supramax index rose 17 points to 745.
- The capesize index fell 22 points, or 1.4% to 1,570, its lowest in nearly three weeks.
- Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, fell $183 to $13,017.
- Iron ore futures fell as expectations of steel output cuts in China and weakness in the country’s property segment weighed on sentiment.