The Baltic Exchange’s main sea freight index rose on Friday, and was set to gain for a third straight month on strength in the panamax segment.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 1 points, or 0.04%, to 2,404 points. It added nearly 2% this month.
The capesize index fell 13 points, or 0.6%, to 2,136 points. It has risen nearly 22.1% in the month of April.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $108 to $17,713.
Chinese iron ore futures rose for the fourth straight session on Friday and jumped more than 4%, fuelled by demand hopes as Beijing pledged to step up policy support to stabilise the economy.
The panamax index gained 24 points, or 0.8%, to 2,938 points. It fell about 6% for the month.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $215 to $26,443.
Turkey’s state grain board TMO has started making provisional purchases of wheat in an international import tender which closed on Friday with about 100,000 tonnes initially bought, traders said.
The supramax index fell 2 points to 2,734 points.
Source: Reuters (Reporting by Roshan Abraham in Bengaluru; Editing by Amy Caren Daniel)
