The Baltic Trade’s important sea freight index, monitoring charges for ships carrying dry bulk commodities, climbed on Tuesday to its highest degree since mid-October final 12 months as charges for capesize and panamax vessels prolonged good points.
The Baltic dry index, which tracks charges for capesize, panamax and supramax vessels, added 44 factors, or 3.2% to 1,418, a peak since Oct. 16, 2020.
The capesize index was up 91 factors, or 4.5%, to 2,099, its highest in additional than two months.
Common day by day earnings for capesizes, which generally transport 150,000-tonne cargoes resembling iron ore and coal, gained $752 to $17,408.
China’s iron ore futures superior for a 3rd straight session to a one-week excessive on Tuesday, as issues over tight provide pushed spot costs of the steelmaking uncooked materials additional above $160 a tonne.
The panamax index rose 58 factors, or about 4.3%, to 1,422, its highest since Dec. 17.
Common day by day earnings for panamaxes, which normally carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, had been up $529 to $12,801.
The supramax index edged 6 factors decrease to 1,022.
(Reporting by Bharat Govind Gautam in Bengaluru; modifying by Uttaresh.V)