The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to a more than two-week high on Thursday, buoyed by firmer rates across all vessel segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, rose 60 points, or 3%, to 2,063 points, its highest level since October 22.

The capesize index gained 158 points, or 5.1%, to 3,242, its highest in over three weeks.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $1,315 to $26,888.

Dalian iron ore futures prices snapped a four-session losing streak to end higher on Thursday due to a fall in global shipments, although lingering concerns about oversupply curbed gains.

The panamax index rose 24 points, or 1.3%, to 1,817.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, was up by $211 to $16,351.

Among smaller vessels, the supramax index gained 5 points, or 0.4%, to 1,312.
Source: Reuters