The Baltic Exchange’s dry bulk sea freight index rose 4.4% to 3,056 on Wednesday, extending its winning streak to a fifth consecutive session and reaching its highest level since August 10. The benchmark tracks charter rates for capesize, panamax and supramax vessels.
Capesize rates led the gains, with the sub-index jumping 6.3% to 5,033, also the strongest level since August 10. Average daily earnings for capesize vessels — which typically transport about 150,000 tons of iron ore and coal — increased by $2,706 to $42,148.
Iron ore futures also advanced as Typhoon Narra disrupted shipping routes in the South China Sea, tightening vessel availability and pushing freight costs higher.
The panamax index climbed 3.7% to 2,246, its highest reading since August 13, with average daily earnings up $717 to $20,213. The supramax index inched 0.1% higher to 1,644.
