The Baltic Exchange's dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, extended gains and rose to a nearly five-year high on Thursday, buoyed by strong rates across all segments.

• The main Baltic index, which tracks rates for capesize, panamax and supramax vessels, added 157 points, or 4.7%, to reach 3,488, its highest since October 2021.

• The capesize index was up 400 points, or 7.1%, at 6,042, hitting its highest since late 2023.

• Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes, including iron ore and coal, rose by $3,632 to $51,298.

• Iron ore futures rose as signs of easing coking coal supply constraints and a pickup in blast furnace activity pointed to improving steel mill demand, while higher maritime freight rates and stronger steel exports added further support. 

• The panamax index gained 28 points, or 1.2%, to reach 2,457, its highest since May 2026,

• Average daily earnings for panamax vessels, which usually carry 60,000 to 70,000 tons of coal or grain, increased $248 to $22,113.

• The supramax index was up 11 points, or 0.6%, at 1,668.

(Reuters)