The Baltic Exchange’s main sea freight index rose for a twelfth straight session on Monday to its highest in more than five months on stronger demand across vessel sizes.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, rose 50 points, or about 5.4%, to 973, its highest since Jan. 2.
The Baltic capesize index jumped 125 points, or about 8.2% to 1,648, its highest since Dec. 24.
Benchmark iron ore futures in China remained steady on Monday, as China’s portside stockpiles fell, supporting prices amidst weakening demand.
Inventories of the steel-making ingredient, dropped to 107.75 million tonnes last week, their lowest since October 2016 at Chinese ports, SteelHome consultancy data showed. SH-TOT-IRONINV
Average daily earnings for capesizes, which typically transport cargoes of 170,000 tonnes to 180,000 tonnes, including iron ore and coal, increased by $887 to $13,297.
The panamax index gained 32 points, or 3.8%, to 884.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $294 to $7,959.
The supramax index rose 15 points, or 2.5%, to 612.
Source: Reuters (Reporting by Anjishnu Mondal; Editing by Vinay Dwivedi)