The Baltic Exchange’s main sea freight index rose for the ninth session in a row on Thursday, propelled by higher rates for capesize segment.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 65 points, or 2.1%, at 3,117 points.
The capesize index gained 209 points, or 5.6%, at 3,965 points, the highest since Dec. 13.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,734 to $32,885.
Capesize rates are rising on increased activity out of Brazil, with expectations of a further improvement in activity on that route, Fearnleys wrote in a weekly note on Wednesday.
However, Chinese metallurgical coal futures fell more than 4% on Thursday, as poor downstream demand impaired market sentiment while the government’s recent pledge on tighter supervision on coal prices is expected to curb any significant gains.
The panamax index was down 6 points, or about 0.2%, at 3,310 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $58 to $29,790.
The supramax index fell 9 points to 2,750 points.