The Baltic Exchange’s main sea freight index climbed to its highest since December 2013 on Monday, pushed by higher demand for vessels ferrying iron ore in the Atlantic.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose about 1%, or 21 points, to 2,191, a peak since Dec. 20, 2013.
The index rose for the 10th straight session, mainly spurred by strong demand for vessels that ship iron ore from Brazil into China.
Port stocks of seaborne iron ore across China stood at 118.35 million tonnes, as of July 19, rebounding from a two-and-a-half-year low of 115.25 million tonnes, as of June 28, data tracked by SteelHome consultancy showed.
The capesize index gained 59 points, or 1.3%, to 4,438 points, a peak since October 2010.
Average daily earnings for capesizes, which typically transport 170,000 tonne-180,000 tonne cargoes such as iron ore and coal, rose $198 to $32,963.
The panamax index rose 31 points, or 1.4%, to 2,201 points, its highest since December 2010.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $249 to $17,597.
The supramax index was 20 points higher at 1,002 points.