Baltic Dry Index Hits Over One-month High on Gains Across Vessel Segments
The Baltic Exchange's main sea freight index rose to a more than one-month high on Wednesday, helped mostly by steady gains in rates for the panamax and capesize vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, rose 67 points, or 5.8%, to 1,233.
The capesize index gained 104 points, or 6.5%, to 1,701.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased by $862 to $14,106.
The panamax index gained 74 points, or 5.2%, to 1,486, extending its winning streak to a 16th consecutive session to its highest in more than three months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $664 to $13,374.
Dalian iron ore futures edged higher, as an unexpected policy rate cut by China's central bank offered relief to traders disheartened by the country's faltering economic rebound.
Among smaller vessels, the supramax index gained 40 points, or 5.2%, to 812.
(Reuters - Reporting by Sherin Elizabeth Varghese; Editing by Shweta Agarwal)