The Baltic Exchange’s dry bulk sea freight index extended gains on Wednesday to hit a nearly two-month high, supported by rising rates across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 142 points, or 7.5%, at 2,041 points, its highest since Jan. 5.

The capesize index gained 372 points, or 11.5%, to 3,596, an over seven week-high.

Average daily earnings for capesize vessels .BATCA, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $3,086 to $29,832.

Dalian iron ore futures prices extended gains, helped by renewed hopes of demand recovery in top buyer China, following an improving steel market. However, persistent worries about its embattled property market capped gains.

The panamax index .BPNI rose for a second straight session, adding 46 points to 1,627 points, its highest in a week.

Average daily earnings for panamax vessels .BPWT, which usually carries about 60,000-70,000 tons of coal or grain cargo, was up $421 at $14,646.

Among smaller vessels, the supramax index .BSIS extended gains for an eleventh straight session, gaining 19 points to 1,239 points.

Source: Baltic Exchange