The Baltic Exchange's dry bulk sea freight index has recorded its sixth consecutive session of gains, more than doubling in November and reaching an 18-month peak. The overall index, incorporating capesize, panamax, and supramax shipping vessels, rose by 8.9% to 2,937 points. The capesize index, particularly influenced by strong iron ore and bauxite trade, surged by 11.7% to hit an over two-year high. Analysts attribute the robust performance to a tight tonnage list in the Atlantic and growing bauxite trade, signaling a positive outlook for demand and supply. Average daily earnings for capesizes increased to $46,681. Panamax and supramax indices also experienced notable gains, contributing to a favorable shipping market outlook.

SOURCE: GOOGLE