The Baltic Exchange’s main sea freight index gained for a third straight session on Thursday, buoyed by rising rates across the board.

The overall index, which factors in rates for capesize, panamax and supramax vessels, increased by 75 points, or 3.1%, to 2,462.

The capesize index gained 151 points, or 5.9%, to 2,702.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $1,254 to $22,411. * “India continues to be insatiable for Indonesian coal, partly compensating for a slow West Australia/China iron ore trade not pushing capacity. Slight improvements on other trades have contributed to overall daily earnings,” shipbroker Fearnleys said on its website, referring to the capesize segment.

Dalian iron ore fell for a fifth straight session on Thursday and hit its lowest in three weeks, dragged down by a pessimistic demand outlook for the steelmaking ingredient from top steel producer China.

The panamax index added 84 points, or 3.1%, to 2,790 points.

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000-70,000 tonnes, increased $758 to $25,113.

Global port congestion is set to continue until at least early 2023 and keep spot freight rates elevated, logistics executives said on Wednesday.

The supramax index edged up 6 points to 2,460.

Marex Media