The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Thursday, due to higher rates across all vessel segments.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, gained 42 points, or 3%, to 1,465 points.

The capesize index rose 10 points, or 0.6%, to 1,664. The contract snapped a seventeen-session losing streak.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $84 to $13,799.

Iron ore futures gained for a third straight session, hitting multi-month highs, as hopes of a new wave of reforms to rein in steel supply and more stimulus measures from top consumer China boosted sentiment.

The panamax index rose 102 points, or 6.3%, to 1,723, marking its highest level since July 31 last year.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, gained $917 to $15,507.

Among smaller vessels, the supramax index added 31 points, or 2.7%, to 1,182.
Source: Reuters