The Baltic Exchange’s dry bulk sea freight index snapped aneight-day losing streak on Thursday as rates increased across larger vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 49 points, or 3.8%, to 1,357.

The capesize index rose by 120 points, or 6.9%, to 1,853.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $990 to $15,365.

Iron ore futures prices rebounded, aided by renewed hope of further stimulus from top consumer China following a speech from a state planning official.

The panamax index was up 46 points, or 3.2%, to 1,492, highest level in more than one-week.

Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, was up by $418 to $13,432.

Ukraine’s ambassador to Turkey said that “certain negotiations” were underway regarding an UN-brokered grain export initiative which was shut down in the summer of 2023.

Among smaller vessels, the supramax index was down 10 points to 1,029, extending its losing streak for the 26th session.

In response to Houthi attacks in the Red Sea, some shipping companies have instructed vessels to instead sail around southern Africa, a slower and, therefore, more expensive route.

Source: Reuters reported by Ashitha Shivaprasad in Bengaluru and edited by Ravi Prakash Kumar