The Baltic Exchange’s dry bulk sea freight index rose 4.4% to 3,056 on Wednesday, marking a fifth consecutive session of gains and reaching its highest level since August 10.
The index tracks rates for capesize, panamax and supramax vessels.
Capesize rates led the advance, with the index jumping 6.3% to 5,033, also its highest since August 10.
Average daily earnings for capesize vessels, which typically carry around 150,000 tons of iron ore and coal, rose $2,706 to $42,148.
Iron ore futures gained as Typhoon Narra disrupted shipping routes in the South China Sea, tightening supply and lifting freight costs.
The panamax index climbed 3.7% to 2,246, it’s highest since August 13, while average daily earnings increased $717 to $20,213.
The supramax index edged up 0.1% to 1,644.
Source: Trading Economics
