The Baltic Exchange's dry bulk sea freight index has surged for an eighth consecutive session, reaching a one-and-a-half-year high as rates increased across various vessel segments. The overall index, encompassing capesize, panamax, and supramax vessels, rose by 4.8% to 3,346 points. The capesize index soared to a more than two-year high, climbing 5.5% to 6,582 points. Analysts attribute this strength to robust seasonal activity and increased demand for raw materials. The panamax index extended its winning streak to 20 sessions, reaching its highest level since July 2022, while the supramax index hit an over one-year high. The surge in rates is fueled by strong market activity and heightened demand for shipping services, particularly for transporting commodities like iron ore and coal.

SOURCE:GOOGLE