The Baltic Exchange's dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, extended gains and rose to a nearly five-year high on Thursday, buoyed by strong rates across all segments.
The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, added 157 points, or 4.7%, to reach 3,488, its highest since October 2021.
The capesize index was up 400 points, or 7.1%, at 6,042, hitting its highest since late 2023.
Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, rose by $3,632 to $51,298.
Iron ore futures rose as signs of easing coking coal supply constraints and a pickup in blast furnace activity pointed to improving steel mill demand, while higher maritime freight rates and stronger steel exports added further support.
The panamax index gained 28 points, or 1.2%, to reach 2,457, its highest since May 2026,
Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, increased $248 to $22,113.
The supramax index was up 11 points, or 0.6%, at 1,668.
(Reuters)
