The Baltic Exchange’s dry bulk sea freight index climbed on Wednesday, as rates across ship segments rose amid increased freight activity and some vessel shortages.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 34 points, or 2.3%, to 1,507.

“The Pacific region experienced a bolstering of market sentiment, attributed to robust demand for Chinese coal imports from East Australia and significant grain activities in the North Pacific,” Intermodal Research Analyst Chara Georgousi said in a weekly note on Tuesday.

“The scarcity of vessel availability in the Atlantic fostered a rate escalation, driven by heightened inquiries from both the ECSA (European Community Shipowners’ Associations) and West Africa,” Georgousi added.

The capesize index added 46 points, or 2.2%, to 2,145.

Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $375 to $17,787.

Iron ore futures climbed for the second consecutive session, aided by improved risk sentiment amid efforts by authorities in top consumer China to shore up market confidence.

The panamax index rose for the eighth consecutive session, adding 50 points, or 3.1%, to 1,663 points.

Average daily earnings for panamax vessels, which usually carries about 60,000 to 70,000 tons of coal or grain cargo, was up by $455 to $14,968.

Ukraine has exported almost 3.7 million metric tons of grain so far this month, agriculture ministry data showed, compared with total exports of nearly 3 million tons during Jan. 1-25, 2023.

Among smaller vessels, the supramax index rose 17 points to 1,050, on its best day since Dec. 5.

Source: Reuters reported by Deep Vakil in Bengaluru and edited by Tasim Zahid