The Baltic Exchange’s main sea freight index rose for a tenth straight session on Thursday, supported by higher rates across vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, was up 15 points, or 1.4%, at 1,094 – its highest since May 30.

The capesize index gained 19 points, or 1.2%, at 1,599.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes, such as iron ore and coal, increased $152 to $13,258.

More volumes on this trade were expected as miners were estimated to increase activity at the end of their financial year in June, shipbroker Fearnleys said in a weekly report, referring to the capesize segment.

Dalian and Singapore iron ore futures rose for a third session as weaker-than-expected industrial growth in top steel consumer China cemented views that Beijing would roll out more measures to shore up a shaky post-pandemic recovery.

The panamax index was up 21 points, or 1.8% at 1,184.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $192 to $10,658.

Among smaller vessels, the supramax index rose 11 points to 740 points.

Source: Reuters