Smaller Vessels Push up Baltic Dry Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the fifth consecutive session on Thursday, helped by higher demand for smaller vessels.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, was up 6 points or 1.95 percent at 313 points.
The index touched an all-time low of 290 points on Feb. 10, marking the lowest level since records began in 1985.
The dry bulk market is expected to remain under pressure as a gloomy outlook for global demand persists.
The capesize index fell 3 points, or 1.35 percent to 220 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, dropped $27 to $2,772.
The panamax index was up 1 point, or 0.28 percent, at 358 points. Average daily earnings for panamaxes was up $12 at $2,874.
Among smaller vessels, the supramax index rose 11 points to 270 points, while the handysize index was up 7 points at 193 points.
Reporting by Apeksha Nair