The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday, helped by higher rates across all vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 29 points, or 3.49 percent, at 859 points.
The capesize index gained 91 points, or 12.05 percent, to 846 points.
Capesize earnings are on the rise with average earnings ticking up to about $7,200/day as the market continues to gain some traction in Western Australia
, Clarksons Platou Securities analysts said in a note.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $662 at $7,186.
The panamax index was up 29 points, or 2.71 percent, at 1,098 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $228 to $8,803.
Among smaller vessels, the supramax index rose 11 points to 744 points, while the handysize index rose 3 points to 480 points.
(Reporting by Karen Rodrigues; Editing by Shounak Dasgupta)