The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, climbed to a two-week high on Wednesday, supported by firmer capesize and panamax segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 45 points, or 2.3%, to 2,003 points, its highest level since October 23.

The capesize index gained 137 points, or 4.7%, to 3,084.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $1,129 to $25,573.

Dalian iron ore futures declined for a fourth consecutive session on Wednesday, weighed down by concerns about demand in top consumer China due to a persistently weak manufacturing sector.

The panamax index rose 5 points, or 0.3%, to 1,793, snapping a seven-session losing streak.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was up by $50 to $16,140.

Among smaller vessels, the supramax index lost 4 points, or 0.3%, to 1,307.
Source: Reuters