The Baltic Exchange's dry bulk freight index rose for a fourth straight session on Tuesday, firming at a two-week high, as strong vessel rates across all segments supported prices.
The main Baltic index was up 93 points, or 3.3 per cent, to 2,936, its highest level since July 14.
The Capesize index rose 214 points, or 4.7 per cent, to 4,778, hitting its highest level since June 5. Average daily earnings for Capesize vessels rose by $1,939 to $39,831.
Iron ore futures fell as persistent oversupply continued to weigh on the market, though losses were limited on emerging signs that Chinese mill output is stabilising.
The Panamax index was up 52 points, or 2.4 per cent, to 2,187, hitting its highest level since July 20. Average daily earnings for Panamax vessels rose $474 to $19,686.
Among smaller vessels, the supramax index gained three points, or 0.19 per cent, at 1,613.
(Reporting by Pablo Sinha in Bengaluru; Editing by Joyjeet Das)
