The Baltic Exchange’s dry bulk sea freight index, which monitors rates for vessels moving dry bulk commodities, rose to a nearly two-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, rose by 40 points to 2,240 points, its highest level since July 25.

The capesize index gained 104 points to 3,573 points.

Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal, increased by $866 to $29,636.

Iron ore futures prices steadied, with analysts cautioning that the recent rally may have run ahead of market fundamentals.

The panamax index rose by 25 points to 1,824 points, snapping a seven-day losing streak.

Average daily earnings for panamax vessels, which usually carry 60,000-70,000 tons of coal or grain, increased by $224 to $16,414.

Among smaller vessels, the supramax index was down 3 points to 1,483 points.
Source: Reuters