The Baltic Exchange’s dry bulk sea freight index has finally broken its twelve-day losing streak, driven by a rise in capesize vessel rates. On Thursday, the index, which tracks rates for ships transporting dry bulk commodities, recorded its first increase since March 25. It gained 10 points, or 0.8%, reaching a total of 1,269.
The capesize index saw a more significant increase, rising by 49 points, or 2.8%, to settle at 1,781. This improvement is noteworthy since capesize vessels are typically used for transporting large cargoes, such as iron ore and coal, each weighing about 150,000 tons. The average daily earnings for these vessels also saw a boost, increasing by $401 to $14,768.
In contrast, the panamax index experienced a decline, falling by 14 points, or 1.2%, to 1,189, marking its lowest level since March 12. Average daily earnings for panamax vessels, which usually carry between 60,000 and 70,000 tons of coal or grain, decreased by $119, bringing the total to $10,705. Meanwhile, the smaller supramax vessels faced challenges as well, with the supramax index dropping to nearly a one-month low of 941.
This trend highlights the ongoing fluctuations in the dry bulk shipping market, influenced by varying demand across different vessel categories.