Baltic Dry Index Logs Best Day in Over Five Weeks
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, posted its biggest single-day gain since mid-March on Thursday, steered by higher shipping rates for all vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 60 points, or 4.4%, to 1,432 — its biggest daily percentage rise since March 14.
The capesize index snapped its four-session losing streak, up 135 points, or 8.2%, at 1,778.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,122 to $14,746.
The panamax index marked its best day in two-weeks. The index rose 20 points, or 1.2%, to 1,677.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $184 to $15,094.
Among smaller vessels, the supramax index rose 28 points to 1,179.
Dalian and Singapore iron ore futures fell on increasing supply of the steelmaking ingredient and lower-than-expected steel output, amid lingering concerns over China's warning on price hikes.
(Reuter - Reporting by Ananya Bajpai in Bengaluru; Editing by Shilpi Majumdar)