The Baltic Exchange’s dry bulk sea freight index advanced on Wednesday, steered by gains in the capesize and supramax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 71 points, or 2.1%, to 3,423, touching its highest level since Nov. 1.
The dry bulk market is mainly iron ore and coal driven at this point, with higher momentum in the Atlantic on relative vessels’ supply tightness, shipbroker Intermodal said in a weekly note dated Tuesday.
The capesize index advanced 206 points, or 4.1%, to 5,189, its highest level in a month-and-a-half.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, increased by $1,706 to $43,030.
Chinese stainless steel futures dropped to their lowest in more than three months, dented by sluggish downstream demand and easing raw material prices.
The panamax index shed 32 points, or 1%, to 3,221, snapping a 12-session winning streak.
Average daily earnings for panamaxes, which carry 60,000-70,000 tonne coal or grain cargoes, decreased by $283 to $28,992.
The supramax index rose 32 points to 2,520, a peak since Nov. 4.