The Baltic Exchange’s dry bulk sea freight index extended gains for a fifth straight session on Wednesday, advancing 130 points, or 4.4%, to 3,056 — the highest level since August 10.
All major vessel segments contributed to the increase, with the capesize index leading gains. The capesize segment, which typically carries iron ore and coal cargoes of around 150,000 tons, rose 6.3% to 5,033, its strongest reading in more than two weeks. Daily earnings for capesize vessels climbed by $2,706 to $42,148.
The panamax index, tracking mid-sized vessels, added 80 points, or 3.7%, to reach 2,246, marking its highest level since August 13. The supramax segment also rose, completing a broad-based advance across the Baltic’s core dry bulk indices.
Market sentiment was supported by disruptions in iron ore shipping routes in the South China Sea, where Typhoon Narra forced vessels to reroute, tightening vessel availability and lifting freight costs. Iron ore futures rose in response to the supply constraints.
The Baltic Exchange’s main dry bulk index tracks rates for capesize, panamax and supramax vessels, serving as a key barometer of global dry bulk shipping demand.
