The Baltic Exchange's dry bulk sea freight index rose to a nearly two-month high on Wednesday, driven by increased prices across Capesize and Panamax vessel segments.
The main index rose by 40 points to 2,240 points, its highest level since July 25.
The Capesize index gained 104 points to 3,573 points. Average daily earnings for Capesize vessels increased by $866 to $29,636.
Iron ore futures prices steadied, with analysts cautioning that the recent rally may have run ahead of market fundamentals.
The Panamax index rose by 25 points to 1,824 points, snapping a seven-day losing streak. Average daily earnings for Panamax vessels increased by $224 to $16,414.
Among smaller vessels, the supramax index was down three points to 1,483 points.
(Reporting by Noel John in Bengaluru; Editing by Tasim Zahid)
