The Baltic Exchange’s dry bulk freight index, which tracks rates for vessels carrying dry bulk commodities, rose for a second consecutive session on Thursday, gaining 2.3% to 2,712 points, its highest level since October 13.
The capesize index, covering ships that typically transport 150,000-ton cargoes such as iron ore and coal, also advanced for a second straight day, jumping 5.3% to 4,090 points, the highest since October 12. The continued rise in capesize rates likely reflected firmer iron ore prices, supported by increased Chinese steel mill production and higher freight rates amid expectations of stronger demand.
In contrast, the panamax index, which measures rates for vessels that usually carry 60,000 to 70,000 tons of coal or grain, extended its decline, falling 2.2% to 1,921 points, the lowest level since April 14. Among smaller segments, the supramax index slipped 0.4% to 1,870 points, its weakest reading since October 20.
