The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose for a tenth consecutive session on Wednesday to hit a near two-year high, driven by gains across all vessel segments.
The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 92 points, or 3.4%, to 2,401 points, its highest level since March 2024.
The capesize index jumped 268 points, or 7.2%, to 3,998 points, touching a near two-year high.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $2,222 to $33,160.
Iron ore futures prices edged higher on Wednesday, with support from a modest pickup in China demand outweighing pressure from rising global supply and falling steel output.
The panamax index rose by 8 points, or 0.4%, to 1,965 points, up for the sixth consecutive session.
Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $71 to $17,686.
Among smaller vessels, the supramax index was up by 4 points, or 0.3%, to 1,435 points.
Meanwhile, shipping group Maersk will take steps to resume navigation through the Red Sea via the Suez Canal as soon as conditions allow, CEO Vincent Clerc said on Tuesday.
Source: Reuters