Strong capesize demand lifts Baltic dry bulk index to over 1-year peak

July 23 (Reuters) - The Baltic Exchange's main sea freight index, which measures rates for ships carrying dry bulk commodities, firmed on Wednesday to its highest level in more than a year, steered by strong gains in capesize rates.

The main index .BADI, which tracks rates for capesize, panamax and supramax shipping vessels, rose 85 points, or 4.2%, to 2,120 points, its highest level since July 2024.

The capesize index .BACI gained 278 points, or 9.1%, to 3,339, marking its highest level in five weeks.

Average daily earnings for capesize vessels .BATCA, which typically transport 150,000-ton cargoes such as iron ore and coal, increased $2,298 to $27,688.

Iron ore futures fell on Wednesday, weighed down by ongoing weakness in China's property sector, which overshadowed support from recent government stimulus and infrastructure plans. IRONORE/

The panamax index .BPNI fell 4 points, or 0.2%, to 1,905.

Average daily earnings for panamax vessels .BPWT, which usually carry 60,000-70,000 tons of coal or grain, lost $40 to $17,142.

Among smaller vessels, the supramax index .BSIS lost 16 points, or 1.2%, to 1,313.