The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday after rates for bigger vessel segments snapped their losing streaks, with capesize seeing its best day in over two years.
The overall index, which factors in rates for capesize, panamax, supramax shipping vessels, was up 37 points, or 3.8%, at 1,002 points. It was the index’s best day in 1-1/2 months.
The capesize index snapped a five-session decline, gaining 167 points, or 55.3 %, at 469 points, on its best day since June 2020.
Meanwhile, Dalian iron ore surrendered its gains from an earlier rebound on Thursday, pressured by worries over fresh COVID-19 restrictions and property sector troubles in China squeezing demand for ferrous metals.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose$1,382 to $3,887.
The panamax index snapped an over a month-long losing streak, gaining 13 points, or about 1.1%, at 1,230 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $113 to $11,069.
Earlier on Thursday, Baltic Exchange and Zhengzhou Commodity Exchange inked a memorandum of understanding to work together on research and development of a futures contract settling against the Baltic Panamax Index in China.
Among smaller vessels, the supramax index fell 67 points to 1,559 points, its lowest in over 18 months.