The Baltic Exchange’s main sea freight index, which measures rates for ships carrying dry bulk commodities, rose to an over one-week high on Tuesday, supported by higher rates across all vessel segments.

The main BDI index, which tracks rates for capesize, panamax and supramax shipping vessels, added 97 points, or 5%, to 2,041 points, highest since August 15.

The capesize index gained 238 points, or 8.5%, to 3,031 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, rose $1,980 to $25,140.

“Spot iron ore activity appears to be driving spot gains this week with Chinese demand from both Australia and Brazil lifting the market higher,” Jefferies analysts said in a note.

Iron ore futures prices were subdued, as fresh tariff threats from U.S. President Donald Trump fuelled concerns about demand prospects.

The panamax index was up 48 points, or 2.7%, to 1,818 points, its highest since July 25.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, rose $431 to $16,363.

Among smaller vessels, the supramax index added 13 points, or 0.9%, to 1,437 points.
Source: Reuters