The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, snapped a three-day losing streak on Thursday, driven by gains across all vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 47 points, or 2.3%, to 2,077 points.

The capesize index added 110 points, or 3.6%, to 3,133 points, snapping a similar three-session losing streak.

Average daily earnings for capesize vessels, which typically transport 150,000 to ton cargoes such as iron ore and coal, increased by $913 to $25,980.

Iron ore futures prices seesawed on Thursday with market players weighing softening near-term demand in top consumer China and prospects of increasing supply against possible restocking by steelmakers.

The panamax index extended gains for a seventh straight session, adding 10 points, or 0.5%, to 1,897 points, its highest since October 28.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose by $94 to $17,075.

Among smaller vessels, the supramax index gained 22 points to 1,387 points.
Source: Reuters