The Baltic Exchange’s dry bulk sea freight index rose for the eighth consecutive session on Monday, hitting a one-and-a-half-year high as rates climbed across vessel segments.
The overall index, which factors in rates for Capesize, Panamax, and Supramax shipping vessels, was up 154 points, or 4.8%, at 3,346.
The main index more than doubled in November to hit a one-and-a-half-year high.
The Capesize index jumped to a more than two-year high adding 345 points, or 5.5%, to 6,582.
“Strong seasonal activity and healthier raw materials demand have driven the recent strength,” Jefferies analysts wrote in a note.
Average daily earnings for Capesizes, which typically transport 150,000 tonne cargoes such as iron ore and coal, added $2,857 to $54,584.
Iron ore futures lost ground as lingering fears of further government intervention in top consumer China and anticipation of reduced demand amid production restrictions in northern regions undermined investor sentiment.
The Panamax index added 100 points, or 4.3%, at 2,441 extending its winning streak to the 20th session to hit its highest since July 2022.
Average daily earnings for Panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased from $899 to $21,966.
Among smaller vessels, the Supramax index was up 37 points, or 2.5%, at an over one-year high of 1,526.
Source: Hellenic Shipping News
