The Baltic Exchange's dry bulk sea freight index achieved an 18-month peak, marking its fifth consecutive session of gains. The overall index, considering capesize, panamax, and supramax vessels, surged 12.8% to 2,696, the highest since May 2022. Capesize vessels, particularly transporting iron ore and coal, saw a 20.6% increase, reaching a near two-year high. The Panama Canal's restrictions due to a severe drought have impacted the dry bulk sector. The panamax index rose to its highest level in over a year, while supramax vessels also experienced a positive trend. Factors such as increased iron ore exports and Panama Canal constraints contributed to the robust performance of the dry bulk shipping market.

SOURCE: GOOGLE