The Baltic Exchange's dry bulk sea freight index has climbed to its highest level in 18 months, marking a third consecutive session of gains. The surge is attributed to heightened demand for larger shipping vessels, with the overall index rising 7.5% to 2,259, a peak not seen since June 2022. The capesize index, particularly used for transporting commodities like iron ore, experienced a significant 12.8% increase to 3,819. China's addition of 50 million metric tons of iron ore concentrate capacity in 2022 is cited as a contributing factor. Meanwhile, the panamax and supramax indices also saw gains, reflecting positive trends in the shipping industry.

SOURCE: GOOGLE