The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, climbed to its highest since mid-2010 on Thursday as demand improved for all vessel segments.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels gained 50 points, or 1.7%, to 3,007, extending its winning streak to 12 sessions.
The main index was up to its highest level since mid-June 2010. The capesize index was up 94 points, or 2%, at 4,774, a peak since September 2019.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore, added $773 at $39,589.
Chinese steel rebar and hot-rolled coils futures rose on Thursday, after Beijing announced adjustments on tax and tariffs for some ferrous products to support domestic crude steel production cuts.
The panamax index advanced 59 points, or 2.3%, to 2,643. Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, were up $525 to $23,785. The supramax index edged up 11 points to 2,151.
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