The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a fourth straight session on Wednesday, supported by an uptick across all vessel segments.

The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 56 points or 5.4% to 1,088.

The capesize index rose 115 points, or 7.4%, to 1,665, its highest since nearly two weeks.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, increased $952 to $13,810.

Iron ore futures rose, lifted by hopes of more stimulus for China’s property sector, although analysts anticipate a drop in near-term prices.

The panamax index was up 59 points, or 5.7%, at 1,086 – posting its biggest daily percentage rise since June 6.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $531 to $9,774.

Among smaller vessels, the supramax index rose 6 points, or 0.82%, to 734.

Source: Reuters