The Baltic Exchange's dry bulk sea freight index hit an over one-month high on Wednesday, driven by increased prices across Capesize and Panamax vessel segments.
The main index increased by 33 points, or 1.6 per cent, to 2,112 points, its highest level since July 28.
Meanwhile, the Capesize index rose to a more than three-week high, adding 55 points, or 1.8 per cent, to 3,071 points, its highest since August 18. Average daily earnings for Capesize vessels added $448 to $25,465.
Iron ore futures retreated on Wednesday, due to some profit-taking and weaker-than-expected inflation data in top consumer China, although the bets of demand picking up along with production resumption among mills curbed losses.
The Panamax index gained 52 points, or 2.7 per cent, to 1,975 points, reaching its highest since July 15. Average daily earnings for Panamax vessels increased by $467 to $17,778.
Among smaller vessels, the supramax index rose five points, or 0.3 per cent, to 1,478 points.
(Reporting by Pablo Sinha in Bengaluru; Editing by Shinjini Ganguli)
