The Baltic Exchange's main sea freight index tracking rates for ships carrying dry commodities, rose on Thursday, a s rates for smaller vessels edged up due to high fixture activity in both the Atlantic and Pacific basins, Reuters reports. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, climbed 6 points or 0.67 percent to 902
points.
The Baltic's panamax index rose 11 points to 1,026 points, with average daily earnings for panamaxes up at $8,212.
"Both panamax and supramax segments continued their rising tide with fresh enquiries on the softer side but continued high levels of fixture activity in both the basins," RS Platou Markets analyst Herman Hildan said.
However, earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grains, have dropped 37 percent this year.
Average daily earnings for handysize and supramax ships were up at $8,184 and $11,081, respectively.
The Baltic's capesize index fell 1.42 percent to 1,384 points, with average daily earnings for capesizes dropping to $4,708 on inactivity in both the Atlantic and Pacific markets.
"It seems that the bottom here (for capesizes) has been reached. Also the short period market, which had been paying a premium over the spot market, has all but disappeared," said broker firm Fearnleys in its weekly report.
Average daily earnings for capesizes, that typically transport 150,000 tonne cargoes such as iron ore and coal, have dropped 83 percent this year.
China's manufacturing sector activity shrank for a fifth successive month, boding ill for steel demand in the world's top consumer and further reducing appetite for iron ore.
Iron ore shipments account for around a third of seaborne volumes on the larger capesizes.
The main index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, is down 48 percent this year.
points.
The Baltic's panamax index rose 11 points to 1,026 points, with average daily earnings for panamaxes up at $8,212.
"Both panamax and supramax segments continued their rising tide with fresh enquiries on the softer side but continued high levels of fixture activity in both the basins," RS Platou Markets analyst Herman Hildan said.
However, earnings for panamaxes, which usually transport 60,000 to 70,000 tonne cargoes of coal or grains, have dropped 37 percent this year.
Average daily earnings for handysize and supramax ships were up at $8,184 and $11,081, respectively.
The Baltic's capesize index fell 1.42 percent to 1,384 points, with average daily earnings for capesizes dropping to $4,708 on inactivity in both the Atlantic and Pacific markets.
"It seems that the bottom here (for capesizes) has been reached. Also the short period market, which had been paying a premium over the spot market, has all but disappeared," said broker firm Fearnleys in its weekly report.
Average daily earnings for capesizes, that typically transport 150,000 tonne cargoes such as iron ore and coal, have dropped 83 percent this year.
China's manufacturing sector activity shrank for a fifth successive month, boding ill for steel demand in the world's top consumer and further reducing appetite for iron ore.
Iron ore shipments account for around a third of seaborne volumes on the larger capesizes.
The main index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, is down 48 percent this year.