The dry bulk sea freight index of the Baltic Exchange surged for the third consecutive session on Tuesday, reaching a one-month pinnacle as rates escalated across larger vessel segments.
The comprehensive index, encompassing rates for Capesize, Panamax, and Supramax shipping vessels, rose by 13 points, or 0.8%, to 1,585 points, marking its highest level since January 10.
The Capesize index also attained a one-month zenith, climbing by 23 points, or 0.9%, to 2,476 points.
The average daily earnings for Capesize vessels, typically tasked with transporting cargoes weighing around 150,000 tons such as iron ore and coal, surged by $197 to $20,538.
Meanwhile, the Panamax index continued its upward trajectory for the sixth consecutive session, ascending by 24 points, or 1.6%, to 1,550 points.
The average daily earnings for Panamax vessels, which usually accommodate cargoes ranging from 60,000 to 70,000 tons of coal or grain, surged by $215 to $13,950.
In contrast, among smaller vessels, the Supramax index receded by 1 point to 1,047 points. SOURCE: Reuters
