The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, climbed to its highest level in more than nine months on Thursday, driven by a sharp rise in capesize vessel rates.

The main index, which tracks rates for capesize, panamax and supramax shipping vessels, gained 124 points, or 6.5%, to 2,030 points, its highest level since September 30, 2024.

The capesize index rose 379 points, or 14.4%, to 3,021, hitting its highest level in a month.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $3,147 to $25,055.

“Handsome daily gains for the big ships as in particular Atlantic activity picking,” shipbroker Fearnleys wrote in a weekly note on Wednesday referring to the capesize vessel segment.

“List of ballasters shrinking rapidly whilst ever more demand for August loaders ex Brazil, West Africa and North Atlantic appearing – further improvements to be expected in coming days/weeks by the looks of it.”

Iron ore futures gained for a second straight session, buoyed by firm steel demand amid production curbs in top Chinese steelmaking regions.

The panamax index fell 34 points, or 1.7%, to 1,933.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, lost $301 to $17,399.

Among smaller vessels, the supramax index added 20 points, or 1.5%, to 1,335.
Source: Reuters