The Baltic Exchange’s main sea freight index extended gains for the eighth consecutive session on Wednesday, buoyed by rising capesize rates and as supramax index climbed to its highest in more than 14 months.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, edged up 7 points, or 0.4%, to 1,856, its highest in over three months.
The capesize index added 8 points, or about 0.3%, to 3,194, a peak since Oct. 12.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $68 to $26,489.
The panamax index was unchanged at an over four-month peak of 1,645 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, were down $1 to $14,802.
The supramax index rose 12 points to 1,067, a peak since late-October 2019.