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The Baltic Exchange’s main dry bulk ocean freight index fell from a more than 11-year high on Tuesday, but the index posted its second of three monthly gains due to global shipping restrictions and robust demand.
The overall index, which takes into account the quotas for Capesize, Panamax, Supramax and Handysize ships, fell by 103 points or 2.4% to 4,132.
It rose 25.5% in August, boosted by the closure of the Chinese port of Ningbo, which led to congestion in the country’s coastal regions and restricted global shipments.
The Capesize Index fell 243 points, or 3.9%, to 5,919. The index gained 37.5% in August.
Average daily earnings for Capesizes, which haul 150,000-tonne cargoes such as iron ore and coal, fell by $ 2,010 to $ 49,089.
The Panamax index fell 93 points, or 2.4%, to 3,781 points. It rose 14.4% that month.
The average daily profit for Panamax, which typically haul coal or grain loads of around 60,000 to 70,000 tons, dropped $ 842 to $ 34,028.
For the smaller ships, the Supramax index rose 7 points to an all-time high of 3,477, the best month since February, and rose about 18.1% that month.
Source: Reuters (reporting by Rahul Paswan in Bengaluru; editing by Ramakrishnan M.)
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