The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, hit an over one-month high on Wednesday, driven by increased prices across capesize and panamax vessel segments.

The main index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 33 points, or 1.6%, to 2,112 points, its highest level since July 28.

Meanwhile, the capesize index rose to a more than three-week high, adding 55 points, or 1.8%, to 3,071 points, its highest since August 18.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, added $448 to $25,465.

Iron ore futures retreated on Wednesday, due to some profit-taking and weaker-than-expected inflation data in top consumer China, although the bets of demand picking up along with production resumption among mills curbed losses.

The panamax index gained 52 points, or 2.7%, to 1,975 points, reaching its highest since July 15.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $467 to $17,778.

Among smaller vessels, the supramax index rose 5 points, or 0.3%, to 1,478 points.
Source: Reuters