Bulk Carriers: Capesize Rates Surge
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, jumped 7 percent for the second straight day to a six-week high, perked up by surging capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained for the ninth straight session and was up 77 points, or 6.9 percent, at 1,201 points - highest level since March 9.
The percentage jump is the index's biggest since November 2017.
The capesize index rose for a 10th straight session and gained 266 points, or about 19 percent, at 1,668 points.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $2,045 at to $13,665.
The panamax index was down 23 points, or 1.731 percent, at 1,306 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $185 to $10,485.
The supramax index was flat at 1,022 points.
(Reporting by Nithin Prasad in Bengaluru; Editing by Maju Samuel)