The Baltic Exchange’s main sea freight index rose to its highest level in more than a month on Wednesday, helped by strong demand for panamax and supramax vessels, while the larger capesize segment dropped to a record low.
The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, gained 13 points, or 2.4%, to 562, its highest since Jan. 23.
The capesize index eased 7 points to -353, its lowest on record.
Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes including iron ore and coal, rose by $33 to $2,230.
The panamax index climbed 26 points, or 2.7%, to 961, registering its 20th straight session of gains.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, gained $232 to $8,651.
The supramax index rose 13 points to 646.