The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose to a near-two-month high on Thursday, supported by higher capesize rates.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 25 points, or 1.2%, to 2,205 points, its highest level since July 28.

The capesize index also rose to a near two-month peak, climbing 111 points, or 3.4%, to 3,411, its highest since July 29.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $922 to $28,288.

Iron ore futures prices edged lower on Thursday, pressured by soft demand from China’s manufacturing and infrastructure sectors, though inventory replenishment ahead of the Chinese national day holiday capped losses.

Meanwhile, the panamax index fell to an over one-week low, losing 42 points, or 2.2%, to 1,881, its lowest since September 8.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $380 to $16,928.

Among smaller vessels, the supramax index remained unchanged at 1,492 points.
Source: Reuters