The Baltic Exchange’s dry bulk sea freight index rose on Tuesday for the fourth consecutive session driven by a jump in the capesize segment.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 132 points, or 5.8%, to 2,391 – its highest level in one-and-a-half years.

The capesize index surged 360 points, or 9.4%, to 4,179 – its highest since May 2022.

Average daily earnings for capesize vessels, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, added $2,985 to $34,656.

“Capesize market though, kept the front seat once again… underlying the recent support from the earnings side,” shipbroker Allied said in a weekly note on Monday.

“It was a strong week for the Panamax market… Congestion in Brazil and delays through the Panama canal have likely played a part, with a similar consequence for the Supramaxes.”

Among smaller vessels, the supramax index was up 29 points or 2.2% to 1,321, also climbing to a two-month peak.

Dalian iron ore futures hit a one-week low as the Chinese government continued to monitor prices and intervene in the market to curb a price rally.

The panamax index rose 11 points, or 0.5%, to 2,106.

Average daily earnings for panamax vessels, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, gained $91 to $18,950.

Source: Reuters reported by Hissay Ongmu Bhutia in Bengaluru