The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, extended gains to a three-week peak on Wednesday, supported by higher rates in the smaller vessel segments, while the capesize index mainly remained flat.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 26 points or 1.6% to 1,688.

The capesize index remained unchanged at 2,574.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, added $6 to $21,350.

Iron ore futures rose, driven by stronger-than-expected industrial output in China and ongoing support for the country’s ailing property sector.

The panamax index scaled an over one-month high, adding 86 points or 5.4% to 1,693.

Average daily earnings for panamax vessels, which usually carry about 60,000 to 70,000 tonnes of coal or grain cargoes, was up $777 to $15,241.

Among smaller vessels, the supramax index rose 8 points or 0.7% to 1,141, the highest since Oct. 30.

Source: Reuters reported by Hissay Ongmu Bhutia in Bengaluru and edited by Tasim Zahid