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Dry Bulk Vessel Rates on the Rise

Maritime Activity Reports, Inc.

February 13, 2024

© cloudvisual / Adobe Stock

© cloudvisual / Adobe Stock

The Baltic Exchange's dry bulk sea freight index rose for a third straight session on Tuesday to hit a one-month peak, as rates climbed across larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 13 points, or 0.8%, at 1,585 points, its highest since Jan. 10.

The capesize index also scaled a one-month high. It added 23 points, or 0.9%, at 2,476 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $197 to $20,538.

The panamax index gained for a sixth consecutive session, rising 24 points, or 1.6%, to 1,550 points.

Average daily earning for panamax vessels, which usually carries about 60,000 tons to 70,000 tons of coal or grain cargo, was up by $215 at $13,950.

Among smaller vessels, the supramax index lost 1 point at 1,047 points.

Yemen's Iran-aligned Houthis fired two missiles on Monday at an Iran-bound cargo ship in the Red Sea, causing minor damage to the vessel but no injuries, U.S. military officials said.

(Reuters - Reporting by Anjana Anil; Editing by Shweta Agarwal)