Monday witnessed the Baltic Exchange’s dry bulk sea freight index reaching a peak not seen in seven weeks, driven by increasing rates within the capesize and supramax sectors. The comprehensive index, considering rates for capesize, panamax, and supramax shipping vessels, showed a 0.3% rise, reaching 1,871 points, marking its highest level since January 9.
Notably, the capesize index surged by 0.6%, adding 18 points and reaching 3,163. Earnings for capesize vessels, renowned for transporting hefty cargoes like iron ore and coal, saw a $154 increase, now standing at $26,233 per day. Conversely, iron ore futures plummeted to their lowest point in four months due to increased inventories in China, the key buyer, and slower construction activities prompted by unfavorable weather conditions, raising concerns about demand.
Meanwhile, the panamax index continued its downward trend, decreasing by 1.1% or 17 points to touch a two-week low of 1,578 points. Earnings for panamax vessels, typically responsible for carrying 60,000-70,000 tons of coal or grain cargo, experienced a decline of $156, now at $14,201 per day.
On the other hand, the supramax index showed positive momentum for the ninth consecutive session, adding 9 points to reach 1,198 points.
