April 5 (Reuters) - The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday, helped by firmer rates for bigger vessels.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 16 points or 3.4 percent to 487 points.
While the index has jumped nearly 70 percent since touching its all time low of 290 points on Feb. 10, analysts said the recent recovery being noted in parts of dry bulk market has been primarily fed by seasonal market movements and cannot be relied upon to support the sector throughout the year.
“The same level of support from charterers can’t be expected during the whole course of the year, while there is still little to support a recovery back to the ways of the old, in terms of demand growth in the key commodities of the dry bulk market,” Greek ship broker Allied Shipping Research said in its weekly note on Monday.
The capesize index climbed up 42 points, or about 10 percent, to 466 points. The index has climbed almost 190 percent, since touching its all-time low of 161 points on March 7.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $328 to $3,840 on Tuesday.
The panamax index was up 33 points at 596 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $263 to $4,760.
Among smaller vessels, the supramax index remained unchanged at 479 points, while the handysize index was up one point to 275 points (Reporting by Nithin Prasad in Bengaluru)