The Baltic Exchange’s main sea freight index, which tracks rates for ships ferrying dry bulk commodities, ticked higher on Wednesday on higher activity across vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, gained 38 points, or 1.8%, to 2,178, its highest level since March 26.
The capesize index inched up nine points, or 0.3%, to 3,151 – its strongest since mid-January.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, were up $76 at $26,131.
Chinese coke futures hit a near six-week high on Wednesday after some major coking plants sought to raise spot prices, while safety inspections were supporting coking coal prices.
“Expectations for capesize rates are positive into the current week,” shipbroker Intermodal said in a weekly research note.
The panamax index bounced back from an over two-month low hit in the previous session and gained 119 points, or 6.3%, to 2,017.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose $1,074 to $18,157.
The supramax index was up nine points to 1,783.