The Baltic Exchange’s main sea freight index, climbed to the highest in more than a week on Tuesday as shipping rates for all vessel segments increased.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 42 points, or 7.6%, at 594.
The capesize index gained 19 points, or 6.7%, at 303.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $159 at $2,513.
“Shipowners are now seriously considering idling capacity to wait out the current crash in rates,” wrote shipbroker Allied in a weekly note, referring to the capesizes.
The panamax index was up 34 points, or 4.2%, at 843, posting its best day since early October 2022.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, gained $308 to $7,585.
The supramax index rose 80 points, or 11%, to 807. The index marked its highest percentage gain in a single day, in Refinitiv records stretching back to October 2017.