The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose for a ninth consecutive session on Tuesday to hit a near two-year high, driven by stronger capesize and panamax vessel rates.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 14 points, or 0.6%, to 2,309 points, its highest level since March 2024. The index recorded its ninth consecutive session of gains.
The capesize index gained 30 points, or 0.8%, to 3,730 points, touching a near four-month high.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $253 to $30,938.
Iron ore futures rose on Tuesday as proposed cuts to Chinese port fees are expected to discourage long-term stockpiling.
The panamax index rose by 13 points, or 0.7%, to 1,957 points, up for the fifth consecutive session.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $117 to $17,615.
Among smaller vessels, the supramax index edged lower by 1 point, or 0.1%, to 1,431 points.
Source: Reuters