The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities rose for third-straight session on Wednesday, aided by higher rates for bigger vessel segments, largely panamax.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 52 points, or about 3.5%, to its highest level in over two weeks at 1,525.
The capesize index rose 90 points, or about 4.8%, to 1,957, its highest since March 16.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $750 to $16,233.
The panamax index to its highest since Oct. 17, adding 89 points, or 5.2%, at 1,813.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $797 to $16,314.
Among smaller vessels, the supramax index lost 6 points to 1,170.
Dalian and Singapore iron ore futures fell, pressured by higher shipments, weak steel demand in the traditionally peak construction season and lingering concerns about government intervention.