The Baltic Exchange’s main sea freight index, which measures the cost of shipping goods worldwide, was up for the second day on Tuesday, rising about 4.3% to a more than one-week high of 1,473 points, amid higher demand for the larger vessel segments.
The capesize index, which typically transport 150,000-tonne cargoes carrying commodities such as iron ore and coal, surged 8.4% to 1,867 points
The panamax index, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose 3.6% to its highest since March 17th at 1,724 points.
On the other hand, the supramax index shed 11 points to 1,176 points.
Brokerage Jefferies said the recent upswing in dry bulk rates looks to be more of a seasonal bounce than a pronounced upturn, and flagged concerns over softer steel demand backdrop.