The Baltic Exchange's main sea freight index rose to its highest since December 2013 on Wednesday, pushed by strong demand across all vessel categories, with the panamax index hitting an eight-year high.
The Baltic index, which tracks rates for ships ferrying dry bulk commodities, gained 54 points, or 2.4%, to 2,267, a peak since December 2013.
The capesize index jumped 131 points, or 3.2%, to 4,213, its highest in more than a month. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $1,066 to $32,182.
The panamax index rose 17 points, or 0.8%, to 2,235, a level last seen 8-1/2 years ago. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $137 to $17,897.
The supramax index gained 24 points to 1,310, its highest in more than five years.
Reporting by Shreyansi Singh