The Baltic Exchange’s main sea freight index extended its winning streak to eight sessions on Thursday, supported by a surge in rates across vessel segments, especially capesizes, which hit their highest level in over 11-1/2 years.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 143 points, or 4%, to its highest since February 2010 at 3,976.

The capesize index jumped 346 points, or 6.5%, to 5,711, its highest since December 2009.

“Cape market on fire with all arrows pointing up and sentiment remains strong also for the near future,” ship broker Fearnleys said in a weekly note, referring to the capesize segment.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $2,866 to $47,361.

Benchmark iron ore futures in China extended losses for the third consecutive session, diving more than 7% and sending the price to its lowest since Feb. 5, dented by gloomy demand and a forecast of an increase in supply.

The panamax index advanced 47 points, or 1.3%, to its highest since June 14 at 3,754.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, increased by $422 to $33,782.

Among smaller vessels, the supramax index rose about 48 points to an all-time high of 3237, as per Refinitiv Eikon data available since 2017.

Marex Media