The Baltic Exchange’s main sea freight index climbed for a seventh straight session on Wednesday, helped by stronger rates across all vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, gained 19 points, or 1.6%, at 1,197, its highest level since Nov. 10.
The capesize index was up 22 points, or 1.5%, to its highest since Nov. 16, at 1,469.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore — a steelmaking raw material — and coal, were up $190 at $12,186.
Benchmark iron ore futures on the Dalian Commodity Exchange rose on Wednesday, after falling for two consecutive sessions, as supplies from major miners Australia and Brazil dropped.
The panamax index gained 15 points, or 1.1%, at 1,413, a peak since Oct. 13.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose by $135 to $12,718.
The supramax index was up by 22 points to 995, its highest since Sept. 29.
Source: Reuters (Reporting by Bharat Gautam in Bengaluru; Editing by Shailesh Kuber)