The Baltic Exchange’s primary sea freight index, monitoring rates for ships transporting dry bulk goods, inched up on Wednesday as improvements in the panamax vessel segment offset declines in the larger capesize segment.
The composite index, which includes rates for capesize, panamax, and supramax vessels, increased by five points, or 0.3%, reaching 1,836.
The capesize index dropped by 58 points, or 2.1%, to 2,726, marking its lowest level since May 29.
Daily earnings for capesize vessels, typically carrying 150 000-tonne cargoes like iron ore and coal, decreased by $481 to $22 608.
Iron ore futures saw mixed movements as positive Chinese economic data was offset by weak near-term demand, high port inventories, and a stronger US dollar.
The panamax index rose to its highest point since May 15, climbing by 57 points, or about 3.2%, to 1,864.
Daily earnings for panamax vessels, which usually carry about 60 000 to 70 000 tonnes of coal or grain, increased by $515 to $16 780.
For smaller vessels, the supramax index increased by 26 points, or 2.1%, to 1,297, the highest level since May 28.
