The Baltic Exchange's dry bulk sea freight index reached an 18-month peak, rising for the fifth consecutive session. The overall index, incorporating capesize, panamax, and supramax vessel rates, surged 12.8% to 2,696, its highest since May 2022. Capesize rates hit a near two-year high, climbing 20.6% to 5,040, with average daily earnings for capesize vessels reaching $41,796. The surge is attributed to increased iron ore exports, while Panama Canal restrictions also influenced the dry bulk sector. Panamax and supramax indices also experienced gains, reaching their highest levels in over a year.

SOURCE: GOOGLE