The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose on Thursday, driven by higher rates for capesize and panamax vessels.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 23 points, or 1.2%, to 1,963 points.
The capesize index went up 43 points, or 1.6%, to 2,816 points.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $361 to $23,355.
Prices of iron ore futures rose for a third straight session on Thursday to hit multi-week highs, helped by hopes of improving China demand.
The panamax index gained 39 points, or 2.3%, to 1,758 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $355 to $15,826.
Among smaller vessels, the supramax index fell 6 points, or 0.47%, to 1,461 points, its lowest level in a week.
Source: Reuters