The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, rose on Wednesday to a one-month high, supported by a strong uptick in capesize vessel rates.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, gained 40 points, or 2.1%, to 1,906 points, its highest level since June 17.

The capesize index rose 109 points, or 4.3%, to 2,642.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $905 to $21,908.

Iron ore futures climbed, buoyed by strengthening ties between top producer Australia and leading consumer China, though gains were capped by concerns over persistent weakness in China’s property sector.

The panamax index fell 23 points, or 1.2%, to 1,967. The contract snapped a nine session winning streak.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $214 to $17,700.

Among smaller vessels, the supramax index added 28 points, or 2.2%, to 1,315.
Source: Reuters