The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest in over a month on Wednesday as demand across vessels segments rose.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 35 points, or about 1%, at 3,410 points, a peak since June 29.
The capesize index snapped a three-session losing streak to rise 56 points, or 1.3%, to 4,384 points, its highest since Aug. 5.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $459 to $36,354.
Dalian iron ore rose nearly 4% on Wednesday, after five straight sessions of losses, tracking steel futures as China’s output curbs fuelled worries about supply.
The panamax index advanced 40 points, or 1.2%, to its highest since June 23 at 3,516 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $358 to $31,640.
Among smaller vessels, the supramax index rose 17 points to 3,049 points, an all-time high.
Source: Reuters (Reporting by Rahul Paswan in Bengaluru; editing by Vinay Dwivedi)