Nov. 29 (Bloomberg) -- The Baltic Dry Index, a measure of commodity shipping costs, rose for a second day, as miners hired capesize vessels from Australia to haul ore to China, advancing voyage costs to the highest level in over a month.
The index gained 1 percent to 1,828 points, according to the Baltic Exchange, a London-based assessor of freight rates of more than 50 international maritime routes.
Voyage costs to ship ore on a capesize vessel from Australia to China rose by the most since Nov. 10, advancing 6.7 percent to $11.78 per metric ton, according to the exchange. That’s the highest since Oct. 26, data show. Average rents were 3.9 percent higher at $27,206 a day.
Australian mining companies booking vessels to export ore to China helped capesize rates strengthen, First Securities AS, an Oslo-based investment bank, said in an e-mailed report today.
Rents for the three smaller vessel types tracked by the gauge declined across all routes, according to the exchange.
Average hire costs for a panamax bulk carrier, the largest that can transit the Panama Canal, fell 1.1 percent to $13,979 a day, the lowest since Oct. 3, data show. Rents declined 17 percent since Oct. 17.
Supramax vessels that haul minerals and grains fell for a fifth day, declining 0.9 percent to $14,284, the lowest in two weeks. Handysize ships, the smallest, dipped below $9,000 a day for the first time since April 2009. Average rents were 0.7 percent lower $8,962 a day, exchange data show.
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