Dec 8 (Reuters) – The Baltic Exchange’s important sea freight index monitoring charges for ships carrying dry bulk commodities was unchanged on Tuesday, as rising demand for capesize or massive vessels sometimes carrying iron ore and coal was countered by falling demand elsewhere.

The total index, which gauges the price of transport cargoes together with iron ore, cement, grain, coal and fertiliser and is seen by traders as an indicator of worldwide industrial exercise, was flat at 551 factors.

The index has misplaced half of its worth since hitting a yr’s excessive of 1,162 in August, because the dry cargo transport trade was squeezed by a worldwide commodities downturn and a wave of ship deliveries, with extra vessels anticipated to turn out to be operational in coming months.

The capesize index rose 18 factors, or 2.11 p.c, to 870 factors, as common day by day earnings for capesize vessels rose $87 to $7,609. Capesizes sometimes transport 150,000 tonne cargoes resembling iron ore and coal.

The panamax index, for ships that often carry coal or grain cargoes of about 60,000 to 70,000 tonnes, dropped six factors, or 1.41 p.c, to 420 factors. Average day by day earnings for panamaxes fell by $44 to $3,360.

Among smaller vessels, the handysize index remained unchanged at 286 factors, and the supramax index fell 4 factors to 461 factors. (Reporting by Harshith Aranya in Bengaluru; Editing by David Holmes)

Monthly Insights from the Helm

Dive right into a sea of knowledge with our meticulously curated weekly “Dispatch” electronic mail. It’s greater than only a publication; it’s your private maritime briefing.

Sign Up