The Baltic Exchange’s dry bulk sea freight index, which tracks rates for vessels transporting dry bulk commodities, climbed to log a near two-year high on Tuesday, bolstered by strong gains in the capesize segment.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 17 points, or 0.7%, to 2,600 points, its highest since December 2023.
The capesize index climbed 70 points, or about 1.5%, to 4,633 points, also marking its highest level since December 2023.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $587 to $38,427.
Iron ore futures rose as infrastructure demand and steady steel consumption countered weak China economic data.
The panamax index fell by 19 points, or 1%, to 1,915 points.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $168 to $17,237.
Among smaller vessels, the supramax index eased by 1 point to 1,441 points.
Source: Reuters