The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, extended gains on Thursday to hit a near two-year high, supported by a rise in capesize vessel rates.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, rose by 79 points, or 3.3%, to 2,480 points, its highest level since December 2023.

The capesize index jumped 238 points, or about 6%, to 4,236 points, marking its highest level since March 2024.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $1,973 to $35,133.

Iron ore futures ended higher on Thursday, helped by a softer dollar, although gains were limited by falling Chinese lump ore premiums that signalled weak demand for the steel-making material.

The panamax index fell by 3 points, or 0.2%, to 1,962 points.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, decreased by $31 to $17,655.

Among smaller vessels, the supramax index was up by 2 points, or 0.1%, to 1,437 points.
Source: Reuters