The Baltic Exchange's main sea freight index climbed to its highest level in more than nine months on Thursday, driven by a sharp rise in Capesize vessel rates.
The main index gained 124 points, or 6.5 per cent, to 2,030 points, its highest level since September 30, 2024.
The Capesize index rose 379 points, or 14.4 per cent, to 3,021, hitting its highest level in a month. Average daily earnings for Capesize vessels increased $3,147 to $25,055.
"Handsome daily gains for the big ships as in particular Atlantic activity picking," shipbroker Fearnleys wrote in a weekly note on Wednesday referring to the Capesize vessel segment.
"List of ballasters shrinking rapidly whilst ever more demand for August loaders ex Brazil, West Africa and North Atlantic appearing, further improvements to be expected in coming days/weeks by the looks of it."
Iron ore futures gained for a second straight session, buoyed by firm steel demand amid production curbs in top Chinese steelmaking regions.
The Panamax index fell 34 points, or 1.7 per cent, to 1,933. Average daily earnings for Panamax vessels lost $301 to $17,399.
Among smaller vessels, the supramax index added 20 points, or 1.5 per cent, to 1,335.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Tasim Zahid)