The Baltic Exchange's dry bulk freight index rose on Wednesday, posting its first gain since July 14, driven by higher Capesize vessel rates.
The main Baltic index rose 45 points, or 1.7 per cent, to 2,715.
The Capesize index rose 184 points, or 4.7 per cent, to 4,114, its highest level since July 16. Average daily earnings for Capesize vessels gained $1,668 to $33,805.
Iron ore futures slipped for a third consecutive session, weighed down by stronger-than-expected quarterly production from Vale and persistent weakness in Chinese steel demand, raising concerns about an oversupplied market.
The Panamax index fell 61 points, or 2.8 per cent, to 2,120, its lowest since June 29. Average daily earnings for Panamax vessels fell $546 to $19,083.
Among smaller vessels, the supramax index was down 15 points, or 0.9 per cent, at 1,715, extending losses for a second consecutive session after registering its first decline since early July on Tuesday.
(Reporting by Vedika Thorat in Bengaluru; Editing by Harikrishnan Nair)
