The Baltic Exchange’s dry bulk sea freight index rose for a second session on Wednesday, helped by an uptick in rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 68 points, or 3.3%, to 2,137 points.
The capesize index gained 150 points, or 8.9%, to 1,840 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $1,239 to $15,258.
Steel futures in China rose to a more than two-week high on Wednesday on expectations that the Russia-Ukraine conflict will boost demand for Chinese steel overseas.
The panamax index was up 33 points, or 1.3%, at 2,634 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $293 to $23,703.
Among smaller vessels, the supramax index added 28 points to 2,471 points.