Feb 17 (Reuters) – The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the fourth consecutive session on Wednesday, on gains across most vessel segments.
The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser, rose 6 points or 1.99 percent to 307 points.
The index touched an all-time low of 290 points on Feb. 10, marking the lowest level since records began in 1985.
The sector has been particularly hurt by slower Chinese business at a time when the market is struggling with huge vessel overcapacity.
The index ticked up this week on optimism over a revival of demand for some commodities in China such as Iron Ore.
The capesize index was flat at 223 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell$6 to $2,799.
The panamax index was up 11 points, or 3.18 percent, at 357 points. Average daily earnings for panamaxes climbed $90 to $2,862.
Among smaller vessels, the supramax index gained 7 points to 259 points, while the handysize index was up 2 points at 186 points. (Reporting by Nithin Prasad in Bengaluru)
(c) Copyright Thomson Reuters 2016.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 105,900 members that receive our newsletter.
Have a news tip? Let us know.
SINGAPORE, April 24 (Reuters) – Demand for liquefied natural gas (LNG) to power ships will rise this year on attractive prices, while more dual-fuel vessels join the global fleet, industry executives said....
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 105,900 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
