Baltic Dry Index Scales 11-month Peak
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose to an 11-month high on Wednesday, driven by robust capesize rates.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 58 points, or about 3.4%, to 1,752, its highest level since Oct. 25.
The capesize index rose for the fourth straight session, by 182 points, or 7.6% to 2,576.
Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $1,509 to $21,364.
The panamax index gained 17 points to 1,711.
Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargo, increased $155 to $15,399.
Iron ore futures rebounded, as better-than-expected industrial profits in top consumer China buoyed sentiment, although lingering demand concerns amid persistent weakness in the country's crisis-hit property market capped gains.
Among smaller vessels, the supramax index shed 21 points, or 1.6%, to 1,318.
(Reuters - Reporting by Daksh Grover; Editing by Vinay Dwivedi)