The Baltic Exchange’s dry bulk sea freight index saw an increase on Thursday, reaching its highest level in over two weeks. This rise was attributed to stronger rates across all vessel segments, with the main index climbing by 53 points to 1,353 points. The capesize index also experienced a significant gain, rising by 114 points to 1,846, marking its highest level since April 8. Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes like iron ore and coal, increased to $15,307.
On the other hand, iron ore futures faced a decline due to a stronger supply outlook from rising shipments. However, seasonal demand for the key steelmaking ingredient helped limit the decline. The panamax index also showed positive movement, increasing by 39 points to 1,372, its highest level since April 4. Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose to $12,345.
In the smaller vessel category, the supramax index reached a three-week high, climbing by 12 points to 976. This increase reflects the overall positive trend in the dry bulk sea freight market. The rise in rates across all vessel segments indicates a strong performance in the industry, with potential implications for global trade and shipping activities.
