The Baltic Exchange’s dry bulk freight index progressed for a fifth session today, rising about 1.3% to its highest peak since December 2023 at 3,034 points, amid higher demand across all vessel segments.
The capesize index, which monitors 150,000-ton cargoes including iron ore and coal, rose by 1.3% to a more than five-month high of 5,139 points while the panamax index, which typically transports 60,000 to 70,000 tons of coal or grain, rose 2.8% to an over two-year high of 2,195 points. Covering smaller vessels, the supramax index went up by 0.5% to 1,521 points.
According to a Bloomberg report, the conflict in the Middle East has played a part in higher rates. The Iran war has been a “volatility-driven accelerator, amplifying freight market moves and lifting sentiment,” shipbroker Ifchor Galbraiths told Bloomberg.
(Coal shipping photo from Dreamstime)