Strong Capesize demand pushes Baltic dry bulk index to over one-year peak

The Baltic Exchange's main sea freight index firmed on Wednesday to its highest level in more than a year, steered by strong gains in Capesize rates.

The main index rose 85 points, or 4.2 per cent, to 2,120 points, its highest level since July 2024.

The Capesize index gained 278 points, or 9.1 per cent, to 3,339, marking its highest level in five weeks. Average daily earnings for Capesize vessels increased $2,298 to $27,688.

Iron ore futures fell on Wednesday, weighed down by ongoing weakness in China's property sector, which overshadowed support from recent government stimulus and infrastructure plans.

The Panamax index fell four points, or 0.2 per cent, to 1,905. Average daily earnings for Panamax vessels lost $40 to $17,142.

Among smaller vessels, the supramax index lost 16 points, or 1.2 per cent, to 1,313.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Vijay Kishore)