The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose for the 14th straight session on Wednesday powered by gains in the capesize and panamax vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, added 29 points, or about 2.2%, to 1,327 – its highest since Dec. 23.
Period activity was healthy across all sectors with a healthy volume of deals materializing, shipbroker Intermodal wrote in a weekly report, referring to the overall index.
The capesize index gained 79 points, or about 5.4%, to a more than eight-week high of 1,550.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $650 to $12,851.
Dalian iron ore extended gains on Wednesday as market participants bet on the prospect of the demand for steel picking up since China has entered its peak construction season.
The panamax index gained 12 points at 1,592, its highest since Dec. 21.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, was up $106 to $14,325.
The supramax index was unchanged at 1,161.