The Baltic Exchange's dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest level in about two and a half years on Thursday, buoyed by strong rates across all vessel segments.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, added 102 points, or 3.3%, to 3,226, its highest since December 2023.
The capesize index was up 245 points, or 4.7%, at 5,517, also marking its highest since December 2023.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, increased $2,224 to $46,538.
Chinese coking coal prices rebounded on Thursday, supported by renewed concerns about contracted supply after several mines halted production amid stringent safety inspections following a deadly mine accident in coal-rich Shanxi province.
The panamax index rose 39 points, or 1.7%, to 2,331.
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, gained $349 to $20,978.
Among smaller vessels, the supramax index edged up 7 points, or 0.5%, to 1,569.
(Reuters)