The Baltic Exchange’s dry bulk sea freight index rose to its highest level in 2-1/2 months on Tuesday, helped by higher rates across its vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 117 points to 2,352 points, its highest since Dec. 20.
The capesize index gained 147 points to 1,896 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $1,213 to $15,721.
China’s stainless steel futures soared to a record high on Tuesday, as nickel prices more than doubled on concerns over supply from Russia’s invasion of Ukraine.
The panamax index was up 140 points at 3,041 points, its highest since Dec. 10.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased $1,254 to $27,367.
The supramax index rose 93 points, its highest in more than four months to 2,733 points.