Baltic Dry Index Gains as Vessel Rates Firm
The Baltic Exchange's dry bulk sea freight index rose for a fourth straight session on Tuesday to its highest level in a week as rates rose across its vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax vessels, gained 70 points, or 2.7%, to 2,715 points.
The capesize index rose 171 points, or 4.4%, to 4,055, its highest in more than three weeks.
Average daily earnings for capesizes, which transport 150,000-tonne cargoes such as iron ore and coal, rose $1,421 to $33,631.
China's benchmark iron ore futures surged on Tuesday as steelmakers were set to resume production after rigorous controls in the past few months following government orders.
The panamax index increased 42 points, or 1.8%, to 2,333.
Average daily earnings for panamaxes, which ferry 60,000-70,000 tonne coal or grain cargoes, increased by $380 to $21,000.
The supramax index added 8 points to 2,243, snapping a four-session losing streak.
(Reporting by Kavya Guduru; Editing by Aditya Soni)