The Baltic Exchange's dry bulk sea freight index rose for the fourth consecutive session on Wednesday, nearing a two-month high supported by gains in Capesize vessel rates.
The main index gained 26 points, or 1.2 per cent, to 2,180 points, its highest level since July 28.
The Capesize index climbed 111 points, or 3.5 per cent, to 3,300, its highest since August 14. Average daily earnings for Capesize vessels added $923 to $27,366.
Iron ore futures prices edged lower across major exchanges on Wednesday, weighed by rising shipments from top producer Brazil and a cautious steel demand outlook.
Meanwhile, the Panamax index fell for the third straight session, losing 45 points, or 2.3 per cent, to 1,923, its lowest since September 8. Average daily earnings for Panamax vessels lost $404 to $17,308.
Among smaller vessels, the supramax index rose one point, to 1,492 points.
(Reporting by Pablo Sinha in Bengaluru; Editing by Sahal Muhammed)
