The Baltic Exchange’s main sea freight index rose for an eighth straight session to its highest in three weeks on Thursday, steered by stronger rates across all vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose by 22 points, or 1.8%, to 1,219, its highest since Nov. 4.
The capesize index added 40 points, or 2.7%, to 1,509 – hitting a two-week high.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, rose by $328 to $12,514.
Dalian iron ore futures rose more than 2%, helped by restocking demand as steel mills increase production due to higher consumption in China.
The panamax index was up 13 points, or 0.9%, to 1,426, its highest since Oct. 13.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $112 to $12,830.
The supramax index was up 16 points to 1,011 – a peak since early November 2019.
Source: Reuters (Reporting by Bharat Gautam in Bengaluru; Editing by Mark Potter)