Baltic index extends rally to over eight-month high

The Baltic Exchange's dry bulk sea freight index extended gains to scale a more than eight-month peak due to higher rates across both large and small vessel segments.

The main index was up 166 points, or 9.6 per cent, at 1,904, its highest since October 7.

The Capesize index surged 459 points, or 14.8 per cent, to 3,555, its highest level since September 30. Average daily earnings for Capesize vessels climbed $3,802 to $29,481.

Iron ore futures prices slid as investors awaited more details on the trade talks between the US and China even as President Donald Trump struck a positive note.

Trump said on Wednesday he was, “very happy” with a trade deal that restored a fragile truce in the US-China trade war.

The Chinese foreign ministry said on Thursday that China will always honour its commitments, without elaborating.

The Panamax index firmed another 38 points, or 2.8 per cent, to 1,375, hitting a six-week high. Average daily earnings for Panamax vessels added $340 to $12,376.

Among smaller vessels, the supramax index gained 11 points to 933, a near one-week high.

(Reporting by Ishaan Arora in Bengaluru; Editing by Shreya Biswas)