The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, jumped to its highest in over a decade on Monday, powered by rising demand across vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, jumped about 3% or 103 points at 3,606, the highest level since mid-2010.
The capesize index rose 244 points, or 5.3%, to 4,852, a peak since May 11.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $2,020 to $40,237.
The panamax index advanced 34 points, or 1%, to its highest since June 20 at 3,584.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $161 to $32,253.
Among smaller vessels, the supramax index rose about 40 points to 3,119, an all-time high as per Refinitiv Eikon data available since 2017.