The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, firmed on Wednesday to its highest level in more than a year, steered by strong gains in capesize rates.
The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 85 points, or 4.2%, to 2,120 points, its highest level since July 2024.
The capesize index gained 278 points, or 9.1%, to 3,339, marking its highest level in five weeks.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $2,298 to $27,688.
Iron ore futures fell on Wednesday, weighed down by ongoing weakness in China’s property sector, which overshadowed support from recent government stimulus and infrastructure plans.
The panamax index fell 4 points, or 0.2%, to 1,905.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $40 to $17,142.
Among smaller vessels, the supramax index lost 16 points, or 1.2%, to 1,313.
Source: Reuters