The Baltic Exchange’s main sea freight index saw its biggest daily percentage rise in over one month on Wednesday as capesize vessel rates jumped.
The Baltic dry index, which tracks rates for ships ferrying dry bulk commodities and reflects rates for capesize, panamax and supramax vessels, gained 62 points, or 4.5%, to 1,426 points.
This was the index’s largest daily percentage rise since Aug. 4.
The capesize index jumped 164 points, or 7.9%, to 2,242 points, marking a third consecutive session of gains. The capesize index also marked its largest daily percentage gain since Aug. 4.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,363 at $18,592.
Higher shipments of iron ore from mainstream miners led Chinese iron ores futures to fall for a third consecutive session.
The panamax index was up 13 points, or 1%, at 1,339 points, marking its sixth straight session of gains.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $115 to $12,047.
Among smaller vessels, the supramax index rose 11 points to 971 points.